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Expert: XRP Will Take Us to $7-8 in the Next Few Weeks
Renowned cryptocurrency analyst, CryptoBull (@CryptBull2020), has made a bold prediction regarding the future of Ripple’s native token, XRP. In a recent tweet, the expert claimed that XRP will reach the unprecedented price range of $7-8 within the next few weeks.
The assertion is rooted in visible chart patterns and a bullish setup on the daily chart. According to CryptoBull, a structure on the chart indicates that the currently unfolding pattern is setting up a strong continuation if momentum returns, which could propel the asset to more than double its current price.
As depicted by the analyst’s tweet, the provided screenshot shows XRP’s price hovering around $3.01 with a minor daily decline and highlights a maturing consolidation phase. The chart also displays the 200-day moving average, which is situated below the current market value of the token.
Rounded bottom patterns spanning months, starting in early January and curving upward into August, have culminated after XRP’s rise to a new all-time high of $3.65 in July. Furthermore, converging trendlines within a symmetrical triangle around the $3 area create an environment conducive to a sharp advance.
The tweet emphasizes that positioning above the rising 200-day average bolsters the bullish setup, as long-term indicators typically strengthen when the asset’s price remains above them.
Source: timestabloid.com
