Veteran Bitcoin trader Bitlord recently strongly suggested that XRP is about to experience a substantial price rally. He claims that the coin is “ripe” for a parabolic action that could bring investors substantial profits.
XRP could see a significant price augment, even if it lags other leading cryptocurrencies in its recent gains. bullish XRP price forecast CoinCheckup further fuels growing optimism about the token, reporting a 113% augment over the next year.
XRP is up just 3% last week; by comparison, major cryptocurrencies like Ethereum and Solana are up over 10%. XRP is down 1% in the last 24 hours, while its competitors are up 2%. Still, Bitlord believes the altcoin is set to explode in the next 24 hours. His reasoning isn’t entirely clear, but his history of precise predictions is enough for many traders to keep a close eye on the token.
I think so. $XRP is ready
– We expect a vertical parabolic explosion within 24 hours.
Don’t sleep, you can make millions by planning this move
— Krypto Bitlord (@crypto_bitlord7) September 22, 2024
Trading dynamics and patterns
Bitlord is not only eyeing XRP for a possible breakout. Moon, another trader, noticed a symmetrical triangle pattern developing on XRP’s weekly chart.
Often indicating a period of consolidation before a major reversal, this technical pattern shows converging support and resistance lines. According to the trader’s study, XRP could explode by an incredible 221% if it breaks above the upper resistance line, hence possibly driving the price above $1.34.
#XRP could explode in this bull cycle! If it breaks out of this huge triangle it could go parabolic! photo:twitter.com/wG2SeexCca
— The Moon (@TheMoonCarl) September 21, 2024
In addition to these gains, XRP’s price movement over the past week has shown encouraging signs. The coin posted a notable high this month, touching $0.61 before falling to $0.5796. Given the ongoing interest from traders in the asset, this augment could suggest more notable moves up.
XRP: Short-Term Gains or Long-Term Play?
While some traders remain positive despite XRP’s sluggish performance in recent months casting doubt on its ability to keep up with its rivals, Bitlord’s push for parabolic action has some validity.
From $0.43 to $0.6366, he advised investors in July to buy XRP before it rose 48% in a week. Those who took his advice made a fortune, and many are hoping for a repeat performance.
Technical data from CoinCheckup only strengthen hope. Based on their forecast, XRP will augment by 19% over the next month and 16% over the next three months. Their predicted augment of 138% over the next six months could indicate an excellent bull market.
Is this a potential parabolic move?
The question remains whether XRP will actually see the parabolic rally that Bitlord predicts. But the token seems poised for something substantial, with a mix of technical signs and positive sentiment. XRP could be attractive to traders looking for high-profit opportunities, but timing will be of the essence, as always in the volatile cryptocurrency market.
Featured image from Bit Perfect Solutions, chart from TradingView
