XRP price is trading around the psychological barrier of $0.60 after breaking through it earlier this week. Interestingly, XRP has shown compelling price action amid broader market uncertainty, although many cryptocurrencies are starting to turn positive. While some market participants we are still bearish on XRPothers are looking at the very bullish trajectory.
A cryptocurrency analyst has revealed a technical analysis of XRP that many bullish supporters can relate to. According to the analyst, XRP is expected to rise to $32 in the coming months.
The price of XRP has skyrocketed
Despite the overall volatility, many cryptocurrencies have signs began to appear recovery, and XRP is also a focal point of interest. The XRP analysis on the issue was published on the social media platform X by Tylie Eric. This analysis was accompanied by a price chart of XRP/US Dollar on a 1D candlestick time frame. As such, the price chart shows the price action of XRP all the way to the end of 2020. The focal point of the analysis is the depiction of a symmetrical triangle pattern that has been gradually forming since the beginning of 2021 when XRP reached its trading peak at $1.96.
Over the years, XRP has been showing a series of lower highs and higher lows that have gradually tightened into a tighter trading range. This pattern is often considered by technical analysts as a sign of a potential breakout, where the price could move significantly in either direction after a breakout.
WELCOME TO MONDAY.
I am a visual person. Let this chart ignite a spark. photo: twitter.com/xZXe4cpou1— Tylie E (@TylieEric) August 19, 2024
Recent price action now places XRP price at the upper trendline of a triangle pattern. A breakout higher would cement the cryptocurrency’s bullish rally. In line with Tyler’s price objective, this breakout could see XRP initially rise to its current all-time high of $3.50 before hitting resistance.
However, the very nature of a bullish breakout would see XRP quickly break through this resistance and reach $32. His timeline for this event is between now and the end of the year. This prediction, if fulfilled, would mean a significant 5230% raise from the current XRP price.
What’s next for XRP?
Market sentiment around XRP is currently mixed. Tylie Eric’s prediction is particularly bold, predicting that the price of XRP could rise as high as $32 by the end of the year. While gains of such size are nothing novel for the XRP crypto, the chances of such a rise for XRP are currently very slim. However, XRP has seen a few other bullish predictions of a similar nature in recent weeks, especially in trace of the end Ripple-SEC lawsuit.
On the other hand, some parts of the market remain bearish on XRP. One analyst recently went so far as to call XRP “biggest scam in crypto.” At the time of writing, XRP is trading at $0.6008 and has only risen 1.29% in 30 days.
Featured image created with Dall.E, chart from Tradingview.com
