Trader Anticipates Significant XRP Surge Resulting in a “$2 Blow-Off Top” by July
According to an individual known as CoinsKid in the crypto trading community, XRP may be gearing up for a substantial rally, referred to as a “blow-off top theory.” In a recent analysis, CoinsKid highlighted a confluence of factors that could potentially propel XRP towards the $2 mark by July of this year, potentially surpassing long-standing resistance levels.
CoinsKid’s evaluation examined XRP’s monthly chart, tracing back to January 2018 when the price plummeted below $2. He provided a screenshot illustrating that following the crash, XRP made only one attempt to retest the $2 region in April 2021. Consequently, XRP has failed to break through the $2 resistance level for more than five years.
Additionally, the trader identified a crucial trend in the price development of XRP since 2018. CoinsKid demonstrated that XRP has consistently rebounded off an ascending trendline during this period. Sharing an XRP chart, CoinsKid showcased a recent bounce off the trendline, suggesting significant upward potential towards the long-term resistance level at $2.
Should CoinsKid’s prediction prove accurate, XRP would need to gain approximately $1.4 to reach the $2 target within the next four months. This rally would resemble the significant surge witnessed by the top altcoin in 2021 when it last tested the $2 region.
As of now, XRP is trading at $0.619, according to data from TradingView. The cryptocurrency experienced a notable increase in value last July following a partial victory in the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC).
Since this ruling, XRP has predominantly traded sideways, fluctuating between $0.45 and $0.75. The final court verdict or the arrival of the altcoin season is expected to trigger XRP’s next substantial movement, potentially aligning with CoinsKid’s prediction.
Please note that the information provided in this article is for educational purposes only and does not constitute financial advice. Readers should exercise caution and conduct their own research before making any investment decisions.