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According to a technical analysis, XRP may break out and possibly reach a new high of $200.
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The price action of XRP shows a descending triangular pattern, similar to the one that preceded 2017-2018’s major surge.
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XRP’s market performance, technical indicators such as MACD and RSI, and the bullish outlook are supported by the technical indicators.
XRP’s bullish technical indicators, along with its strong market performance, are attracting attention. Crypto analyst JavonTM thinks XRP will surpass its previous high of $3.30. This would be a 300% increase from current levels. This prediction is based upon long-term patterns and increased trading activity that suggest a possible breakout.
Technical analysis reveals a descending triangular pattern in XRP’s price action for 221 bars (approximately 2.660 days). This extended consolidation phase resembles a triangle pattern that was observed earlier in XRP’s price history.
The smaller triangle, which lasted for 102 bars, ended with a sharp break, suggesting that the larger formation could also have a similar upward trend.
A “fake break down” occurred near the end the current pattern. This indicates a shakeout on the market. This usually precedes a price change. JavonTM shows a green arrow in the chart to indicate an optimistic price target, as XRP is ready for a strong uptrend.
Historical Patterns Suggestions of a Colossal Move
The similarities between XRP’s current pattern and the price surge of 2017-2018 are striking. XRP made significant gains during that time. JavonTM believes that the current triangle pattern, which is larger, could lead to a breakout even more significant.
On the basis of logarithmic projections a long-term target price of over $200 was proposed, assuming XRP’s bullish momentum continues.
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Market Metrics Reflect Growing Momentum
XRP’s recent performances support its bullish outlook. The crypto asset’s price has risen by 15.18% today to $0.8275. Its trading volume is $11.71 billion. XRP’s total market cap also increased by 15.31%, to $47.08 Billion. This strengthens its position as one of the top crypto assets.
Technical indicators also indicate positive momentum. The MACD shows bullish crossover with the MACD above the signal line.
The RSI is currently at 62.5. This is below the oversold 70 level, which signals room for upward movement.
