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Title: XRP (XRP) Price: Chart Patterns Signal Explosive Upside Potential
Ripple’s flagship cryptocurrency, XRP, has recently broken through the $2.6 resistance level, accompanied by significant trading volume. As a result, chart patterns are signaling explosive upside potential for the token.
According to Trader Edge, a popular cryptocurrency trader and analyst, the 7-year chart shows a double bottom formation coupled with an ascending triangle pattern. These formations historically precede major price rallies, typically supported by sustained high trading volume and optimistic sentiment. The approval of the ProShares Ultra XRP ETF listing has further fueled bullish enthusiasm among traders.
A potential rally to $38 per coin is forecasted based on this chart analysis, implying a significant 1,190% gain from the current level of $2.84. This projection raises concerns among some analysts and investors, given its proximity to Bitcoin’s valuation ($1.2 trillion).
Despite skepticism from Binance sentiment data showing users anticipating XRP to remain below $10 in the current cycle, traders should consider these chart patterns as a strong sign for potential explosive upside.
Source: coincentral.com
