The entire crypto space has been exhibiting the ebb and flows attribute since the start of incredible Q4. Post the intense run of primary coins, it appears profits have begun to swell across several altcoins. Notably, Solana, Polkadot, Cardano have been gearing up to encompass the third place. However, Ripple (XRP) price awaiting patiently to knock out other altcoins from the race.
Ripple’s (XRP) price has managed to uphold the decent positive momentum since the start of Q4. The ongoing regulatory lawsuit hasn’t pulled back the price action heavily, despite the platform making use of the opportunity to achieve solid groundwork to become a future masterpiece.
Analyst Predicts Ripple (XRP) Price To Skyrocket!
The latest nurturing growth happening across the platform has endorsed the price momentum over the past few weeks. It’s time to stop listening to widespread conjectures, and pay close attention to chart patterns. Crypto analyst Jaydee_757 has shared interesting analytics of probable XRP price action in the near term.
The chart shown by him confirmed the genesis of the bullish pennant pattern, which signals that sellers could form support at the bottom and later price reversal to higher highs. The chart has recalled the historical events prior to the XRP price bull run. In 2017, after Stoch RSI crosses above 20, has uplifted the price momentum by 74x reaching $0.287 from $0.00568. Further increase in Stock RSI above 40 has risen the price by 14x from $0.20 to $2.19.
However, whenever the Stochastic was well above 20 followed by the bullish pennant pattern XRP price has recorded new highs. The same pattern appears to reiterate, as the altcoin is on the verge of breaking out from a bullish pennant pattern.
In addition, the analyst has mentioned potential entry and exit points, he expects a price level between $0.50 and $0.83 as the best opportunity to hold for the long term. Sell-targets would be $8.92 corresponding to 2.6187 Fib and 14.28 corresponding to the 4.618 Fib level.
Collectively, as the lawsuit running against Ripple has the strong potential to turn in favor of it, the XRP price could reach higher highs. On the other hand, the institutional inflow has soared to $54 million years to date despite widespread FUD.