XRP Price May Soar Past $6, Here’s Why

General


Amid
the
current
market
consolidation,
the
XRP
price
has
remained
stable,
hovering
above
the
$0.46
level
to
seek
support
above
the
long-coming
support
trendline.
This
week’s
neutral
candlestick
pattern
shows
that
neither
buyers
nor
sellers
are
taking
a
definitive
stance
to
drive
the
price
direction.
Nonetheless,
as
the
Ripple
vs.
SEC
legal
case
is
gradually
heading
to
its
conclusion,
market
participants
anticipate
a
significant
directional
shift
in
XRP’s
price.

Also
Read:
Ripple
XRP
Case:
Lawyers
On
Final
Ruling
Date,
Odds
Of
Appeal
&
Settlement


XRP
Price
Eyes
Major
Bull
Run
From
Triangle
Breakout

XRP
Price|
Tradingview


The
current
downward
trend
in
XRP
began
in
early
March,
with
the
price
dropping
from
a
high
of
$0.74.
This
bearish
shift
resulted
in
a
36.8%
decrease,
bringing
the
asset’s
value
down
to
$0.427
and
reducing
its
market
cap
to
$26.28
billion.


However,
a
look
at
the
daily
chart
shows
this
bear
cycle
is
part
of
a
well-known
continuation
pattern
called
a
symmetrical
triangle.
Under
the
influence
of
this
pattern,
the
asset
price
tends
to
resonate
within
two
converging
trendlines
to
restore
momentum
for
a
particular
direction.


If
the
trend
continues,
the
XRP
price,
currently
positioned
just
above
the
pattern’s
lower
trendline,
may
experience
increased
buying
interest.
A
potential
turnaround
could
boost
the
price
by
35%,
aiming
to
reach
the
overhead
trendline
at
approximately
$0.63.


Should
XRP
break
out
from
the
triangle
pattern,
it
would
mark
the
end
of
the
ongoing
consolidation
phase
and
amplify
the
bullish
momentum.
With
sustained
buying,
the
post-breakout
rally
could
surpass
the
$2
barrier. 

Also
Read:
Popular
Analyst
Predicts
BTC
Price
Reversal
After
A
Dip
To
This
Level


Moreover,
the
Renowned
trader
EGRAG
CRYPTO
recently
shared
an
optimistic
analysis
for
XRP
on
social
media,
projecting
a
minimum
price
target
of
$6.4.


The
trader
highlights
that
despite
recent
market
fluctuations,
XRP’s
monthly
candle
is
set
to
close
above
the
Fibonacci
0.236
level,
interpreted
as
a
sign
of
natural
market
consolidation.


Looking
ahead,
EGRAG
CRYPTO
suggests
that
the
next
significant
target
for
XRP
is
the
Fibonacci
0.5
level.
With
strong
market
conviction,
they
believe
flipping
this
target
could
pave
the
way
for
XRP
to
reach
the
Fibonacci
1.618
level
at
$6.4. 


The
renewed
buying
interest
in
the
broader
market
and
the
result
of
a
long-running
legal
battle
between
Ripple
and
SEC
will
be
major
contributors
to
XRP
price
reversal.


Technical
Indicator:


  • BB
    Indicator:

    The
    downtick
    in
    the
    lower
    boundary
    of
    the
    Bollinger
    Band
    indicator
    indicates
    the
    seller’s
    strong
    influence
    on
    the
    market
    movement
    in
    XRP.


  • Moving
    Average
    Convergence
    Divergence    :
    Multiple
    crossovers
    between
    the
    MACD
    (Blue)
    and
    signal
    (orange)
    line
    accentuate
    a
    near-term
    market
    sentiment
    as
    neutral.

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