As big chunks start to fall into place, XRP it can happen now in the event that things go well because of its future price. While XRP enthusiasts are still shaking in surprise Ripple’s latest win in court, the crypto analyst dropped a bullish XRP price prediction that investors can look forward to. According to an analyst known as Jaydee, XRP is approaching new bullish territory.
Related Reading
Analyst Predicts XRP Rally To $7.5
XRP’s days of trading below $1 may soon be over, according to the latest price forecast by crypto analyst Jaydee. The analyst made this known while sharing an ultra bullish forecast on social media platform X. According to the weekly XRP/USD price chart shared by the analyst, the six-year trendline is finally coming to an end. This close of the trend line may signal the start of a major bull run.
Interesting that Jaydee technical analysis it is based on a non-logarithmic XRP price estimate and the previous event. Despite price volatility over the past six years, XRP has traded broadly within a bearish channel since its record high of $3.40 in 2017.
The upper resistance line rose to a high near $1.90, while the lower support line held above $0.14 during a multi-year bear market. However, recent price action suggests that the entire 6-year downtrend is now approaching a peak. The contract range leaves less and less room for XRP to fluctuate between resistance and support.
XRP Is Set To Explode
As noted by Jaydee, this only suggests XRP is set to rest higher. Furthermore, the analyst indicated a target price of $7.5 when XRP finally rises. With XRP currently trading at $0.4873, this price target should be a 1,430% upside.
Although that may sound strange, the analyst points to the same price cycle between 2013 and 2017 to justify such a move. Notably, the same breakout of the five-year descending triangle pattern saw XRP rise more than 600x to $3.4.
Jaydee also noted that “dumb money” traders will end up being left behind during the operation. “We’ll make sure we take PROFITS with dumb money! It will be a FUN cycle but very SAD for many,” this analyst said.
Related Reading
Whether XRP can repeat those explosive gains remains to be seen. Despite her extreme intensity, Jaydee responded positively to comments that this cycle may be different from the 2017-2021 cycle. Looking at the XRP chart, some key resistance areas to watch would be $0.54, $0.63, and $0.8.
Featured image from Adobe Stock, chart from TradingView
Source link
