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XRP Price May Soar to $17 with Emerging Pattern
The price of Ripple’s native cryptocurrency, XRP, has been experiencing a rollercoaster ride lately. Despite the recent downturn, it appears that the coin is not ready to give up yet. In fact, experts are predicting a potential surge in price, potentially reaching as high as $17.
Currently trading at $2.12, XRP has managed to stay above the critical $2.00 support level and has even seen an increase of 3% over the past 24 hours. This slight upturn could be indicative of buyers stepping back into the market, which would mark a turning point in the current bearish trend.
An emerging pattern is also fueling the optimism surrounding XRP’s potential. According to analyst Egrag Crypto, the coin is currently forming an Ascending Broadening Wedge (ABW) pattern. This type of pattern typically suggests two possible outcomes: either a sharp decline to $0.65 or a massive surge to $17.
To confirm this bullish scenario, XRP must first break above the critical resistance level at $3.50. If it fails to do so but manages to hold above $5, this could be seen as a sign that the pattern is indeed playing out. However, it’s essential to note that there’s a 30% chance of this bullish scenario unfolding and a whopping 70% likelihood of XRP plummeting to $0.65.
Regardless, the market should closely monitor key price levels for confirmation of this emerging pattern.
Source: https://coinpedia.org/news/xrp-price-may-soar-to-17-with-emerging-pattern/
