The native token of the XRP Ledger, $XRP, has a new price prediction pointing to an impressive price surge of over 1,000% for the cryptocurrency to trade at the $6.7 mark in the future, as it’s been holding above a 10-year trendline support on its monthly chart.
According to popular cryptocurrency analyst Egrag Crypto, who shared an update with their followers on the microblogging platform X (formerly Twitter), that delved into the percentage leaps during significant price surges, with the assumption that “candle pumps must exhibit a staggering 300% or more move.”
By meticulously dissecting these movements and averaging the surges, EGRAG unveils a staggering 1160% potential surge in XRP’s price. The analysis builds on a previous post that explored a 4-month timeframe, lending a deeper insight into the anticipated rally.
Building upon a previous report report, EGRAG delineated two trading arenas for XRP and the emergence of a “Steel Foundation” – a historical support for XRP’s price. Another analyst, JD, noted that XRP’s market capitalization could soon surge after looking at its monthly chart.
The analyst underscored the market cap’s steadfast hold above a 10-year trendline as a foundational support. His analysis suggests XRP has been holding onto this trendline since 2015, creating a symmetrical triangle.
A symmetrical triangle is a common pattern in technical analysis and indicates a period of consolidation and uncertainty in the market, and can be either a continuation or a reversal pattern depending on the direction of its breakout.
XRP’s previous symmetrical triangle was broken to the upside during the 2017 bull run, which at the time saw the cryptocurrency move to a new all-time high above the $3 mark, before entering a significant correction. At the time of writing, XRP is trading at $0.51.
Featured image via Unsplash.
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