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XRP Bullish Breakout Imminent: Analyst Predicts $4 Target
A prominent analyst has predicted a bullish breakout for XRP, indicating a potential price surge to the $4 mark. The prediction comes as the token’s price experiences a significant 13.1% increase over the past 24 hours.
According to the chart analysis shared by the analyst, XRP is currently stuck in a consolidation phase within a bull flag pattern. This technical formation suggests that the token will continue to hover around the key resistance point of $2.60 before making a decisive move upwards.
The analyst’s forecast suggests that if this resistance is breached, the price of XRP will rapidly increase and climb towards the predicted target of $4. The $2.60 mark serves as the make-or-break level for the token, and any failure to clear it could result in further consolidation or even a retracement.
The chart analysis also highlights a potential upward movement leading into a bull flag followed by a period of consolidation between key Fibonacci levels. This development suggests that traders will need to keep an eye out for the breakout above $2.60 as support near $2.24 and resistance at $2.60, with Fibonacci extensions hinting at potential targets at $2.94, $3.63, and ultimately $4.25.
The recent developments in the market have sparked optimism around XRP’s future performance. The launch of RLUSD and the massive whale activity where a collective of approximately $458 million worth of XRP tokens has been transferred, further emphasize the analyst’s prediction of an imminent bullish breakout.
At the time of writing, the price of XRP stands at $2.69, which suggests that there is still room for growth before the predicted $4 target becomes achievable.
Source: http://www.cryptonewsz.com
