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XRP Bullish Breakout Imminent: Analyst Predicts $4 Target
In a recent tweet, popular analyst Ali @ali_charts has sparked optimism among the cryptocurrency community by predicting a bullish breakout for Ripple’s native token XRP. According to the analyst, this potential surge could lead to a price target of $4.
The prediction is based on an analysis of the token’s recent price action, which appears to be consolidating within a bull flag pattern. This means that if XRP can clear a key resistance point at around $2.60, it may be off to the races and head towards the $4 mark.
As highlighted in the tweet, there is still time for traders to prepare for this potential trade. The analyst has advised users to take advantage of a $5,000 deposit bonus offered by SimpleFX.com and claim it before the predicted breakout occurs.
In order to make sense of this prediction, it’s essential to understand the technical analysis. According to the provided chart, XRP shows a bullish climb until it reaches the $2.60 mark, where it will experience significant resistance. If this resistance is somehow cleared, the analyst believes that the token could rapidly climb towards the $4 price level.
It’s also crucial to consider market sentiment and recent developments in the XRP ecosystem. The launch of RLUSD today and recent whale activity have sparked optimism within the market. A collective transfer of approximately $458 million worth of XRP tokens has taken place, further fueling this positivity.
As the situation stands at press time, the price of XRP has surged by 13.1% in the last 24 hours to reach a value of $2.69.
Source: http://www.cryptonewsz.com
