XRP Price Set for a Breakout as Consolidation Period Comes to an End
The XRP price has experienced a resurgence in recent days, igniting positive sentiment among investors. This trend has led to the belief that the price will continue to surge. Crypto analyst RLinda has even predicted a potential 70% breakout for the cryptocurrency.
In an analysis posted on TradingView, RLinda highlighted several reasons why XRP could be on the cusp of a surge. One significant factor is that the altcoin has completed a false breakdown. The price plummeted from $0.7 to $0.42, representing a nearly 50% crash. However, RLinda believes that this crash was actually bullish for XRP, as it signaled a false breakdown followed by a breakout.
Drawing parallels with a similar scenario between August and November 2023, RLinda suggests that XRP could experience a breakout similar to the previous breakdown and subsequent recovery. This breakout could potentially result in a 50% to 70% increase in price.
Furthermore, XRP has been in a long-term consolidation phase, which could further contribute to a breakout. RLinda stated, “XRPUSDT is forming a technical false break of support, in the long term consolidation above the zone should be formed with the purpose of continuation of growth, the potential of which can be opened by 50-70%.”
Investors have already started returning to XRP as the worst of the crash appears to be behind. Crypto whales, in particular, have been making significant moves, transferring 600 million XRP tokens. This bullish activity aligns with the predictions of various crypto analysts, including Egrag Crypto, who anticipates a spike in XRP price to as high as $1.4, representing a 100% increase.
However, XRP has not been the favored choice in the market recently, as its daily trading volume has noticeably declined. It dropped by 20% to $1.33 billion in the last day, according to Coinmarketcap. Nevertheless, XRP remains the seventh-largest cryptocurrency with a market cap of $30.3 billion.
As the consolidation phase nears its end, XRP’s price trajectory appears promising. Traders and investors are encouraged to conduct their own research and consider potential risks before making any investment decisions.