Over the past 24 hours, the XRP price has remained relatively stagnant, with a slight 0.5% dip. One analyst, however, argues that this slowed pace may be a build up to an impending parabolic breakout, just ‘days’ away.
Indeed, XRP has mostly traded sideways this month, weighed down by the ongoing second circuit of the Ripple SEC case.
While other notable altcoins have ridden the bullish wave since last Friday, XRP has crawled, up only 2.36%.
With this lackluster price action, XRP isn’t exactly hot among investors, as the altcoin’s trading volume slides a further 14.27% to $1.19 billion.
However, influential X trader Egrag Crypto notes technical developments that lay grounds for optimism.
XRP Price Forecast: Can XRP Hit a New All-Time High?
The basis for the analyst’s argument is the XRP’s impending breakout as it nears a breakout of a 4-year symmetrical triangle pattern.
XRP / USDT 1D price chart, 4-year symmetrical triangle pattern. Source: Egrag Crypto / X.
Although the analyst noted the potential for XRP to remain confined within the pattern for up to 70 days, ther affirmed with a “high degree of conviction” that it could come much sooner, within the next 15 to 30 days.
Following the pattern, the analyst set a potential breakout target at $0.61 to $0.62, a prospect that seems more credible as other indicators flip bullish.
XRP / USDT 1D price chart, MACD crossover. Source: Binance.
Most notably, the MACD line has affirmed a crossover above the signal line over the past few days, a move which, in recent history, has consistently led to significant upticks in the XRP price.
XRP has established stronger footing by flipping the 200EMA to support. However, the ongoing struggle against the immediate resistance at $0.55 is the next level to watch.
From there, with a successful retake of the 200SMA, the stage will be set for a more sustained uptrend.
However, the approaching retest of the stubborn $0.55 resistance, which has pinned XRP down this month, is the next key target to establish a more sustained uptrend.
With a successful breakout, the analyst sets a price target around $7.50, marking a new all-time high.
This New Low Cap Gem Could Rally Harder
While a $7.50 XRP is certainly an appealing prospect, emerging opportunities hold the potential for truly substantial gains.
As the “meme coin supercycle” sentiment takes hold and cult coins like $GOAT and $SPX experience sudden rises to prominence, strategic investors may find it beneficial to diversify into newer low-cap meme coins with exponential growth potential.
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In an exaggerated parallel, FreeDum Fighters features two mechanized political figureheads: MAGATRON and Kamacop 9000, battling for supremacy over the platform.
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If MAGATRON is in the lead, the Kamacop pool will offer higher rewards, providing consistent gains, even amidst recent volatility.
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Victory brings spoils, with points accumulated based on these efforts, and an airdrop distributed according to the points earned. Even the front-runner can reap rewards, ensuring that every participant has something to gain.
Join the fight on X and Telegram to stay up to date on the latest announcements.
The post Analyst Predicts Just ‘Days’ Until XRP Price Breakout, Sets $7.5 Price Target appeared first on Cryptonews.
This articles is written by : Fady Askharoun Samy Askharoun
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