Price Analysis

XRP Price to Break out of the Rut! 80% Upswing Predicted

news-image

October was a relatively dull month for the Ripple price. XRP went nowhere as Bitcoin, Ethereum, and meme coins like Shiba Inu and Dogecoin skyrocketed. The price of XRP climbed to a high of $1.2285 before plummeting by more than 22% to $0.9470. It is now trading at $1.1057, with a market capitalization of more than $51 billion.

Advertisement

For nearly two months, the price of XRP has been consolidating below a critical trend line. However, as Ripple is pinched between critical support levels and resistance hurdles, a breakout appears to be on the horizon.

The next breakout will be interesting to watch since it might signal the start of a rally that could take the market back to 2018 levels. 

Over a longer time period, the price of XRP has been forming many bullish patterns, indicating a promising future. Between August 9 and November 2, the remittance token’s price activity produced six lower highs and about five higher lows. 

Also read : Patience Pays Dividends! Ripple (XRP) Price Set To Explode!

XRP Price Set to Upswing 80%?

A symmetrical triangle design is formed by connecting these swing points with trend lines. As the price of XRP proceeds through this pattern, it becomes increasingly compressed, indicating a significant reduction in volatility. By adding the distance between the initial swing high and swing low to the breakout point, this technical setup predicts an 80% upswing.

The commencement of an uptrend will be confirmed by a decisive closing above $1.137, which coincides with the 50% Fibonacci retracement level. The price of XRP will rise to the supply zone, which ranges from $1.237 to $1.417.

XRP Price to Break out of the Rut!
Source: Trading View

While the initial leg-up is critical, a daily close decisively above $1.417 will set the stage for a run toward $2. The XRP price will retest the 161.8 percent Fibonacci extension mark at $2.324 in a highly bullish scenario, representing a 104 percent increase from $1.137.

While the technicals suggest a daring price target for XRP, the on-chain measures support this assertion with a bullish prognosis.

Show More

Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

Related Articles

Back to top button