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Ripple’s (XRP) Next Leg Up Will Be ‘Brutal:’ Is $10 Possible?

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TL;DR

  • Ripple’s native token has been stuck in a consolidation phase for over a month now, with little indication of an upcoming breakout.
  • However, analysts remain optimistic, claiming that the next leg up will be nothing short of spectacular. A price target of $10 emerged once again.

Brutal Leg Up Coming?

Aside from a few brief and unsuccessful attempts to shoot past the $2.6 resistance in mid-May, XRP has been struggling to get out of its relatively tight range between $2.1 and $2.4. It tested the lower boundary last week, but the bulls managed to defend it and sent the token toward the upper one. After a 2.5% jump on a daily scale and a 4.5% increase since last week, XRP now trades above $2.3.

Looking at a more macro graph, though, shows that the asset has been within a symmetrical triangle since the December and January highs. According to xoom’s chart, XRP is currently testing the upper boundary, and a breakout could send its price flying.

This will help determine the direction of the next move, as the symmetrical triangle is generally a neutral indicator. It is characterized by a descending trendline connecting lower highs and an ascending trendline connecting higher lows.

Golden Cross and $10 Next?

Cobb, a popular member of the XRP Army, cited information posted by Steph Is Crypto, which showcases that XRP’s chart on the 2D has flashed a major bull sign – the completion of a golden cross. The technical pattern occurs when a short-term moving average crosses above a longer-term MA and suggests a potential uptrend.

Both analysts praised the move, with Steph predicting that the next 1-2 months will make millionaires. Cobb, on the other hand, said the next leg up will be “brutal” and suggested, in a separate post, that even a price target of $10 is not out of the question.

Although even ChatGPT believes XRP at $10 is possible this year, under certain conditions, investors should be aware that such a massive increase from the current levels would put the asset’s market cap at well over $500 billion. This would make XRP the second-biggest cryptocurrency by market cap, at least when compared to ETH’s current numbers.

It’s not impossible, but certainly feels like a stretch, especially when we observe the current price moves.

Inlägget Ripple’s (XRP) Next Leg Up Will Be ‘Brutal:’ Is $10 Possible? publicerades först på CryptoPotato.

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