📉 Global Crypto Markets and XRP Performance
The global crypto markets started the week poorly, with XRP being one of the worst performers in the top 10. XRP fell to a two-week low of $0.46 before stabilizing near $0.476.
📈 Potential for XRP to Rise Above $4
Despite the recent dip, XRP could rise above $4 if it breaks out of the symmetrical triangle pattern it’s been in since 2018. Historically, such breakouts have led to substantial price increases.
🔺 Symmetrical Triangle Poised for Breakout
A key feature on the XRP chart is the symmetrical triangle pattern starting in early 2018, formed by converging lines from lower highs and higher lows, indicating decreasing volatility and price consolidation. In February 2018, a similar pattern led to a 66,000% surge during the bull run, with XRP’s price jumping from $0.0053 to $3 in January 2018. The current pattern suggests potential for significant price movements between May 15th and August 2024.
🚀 XRP Predicted to Hit $4.64
During the 2017-2018 bull market, XRP surged by a massive 66,000%, peaking at $3.8. Currently, XRP is stabilizing, forming a symmetrical triangle pattern. If XRP breaks out around $1, it could aim for $4.64. This estimate is based on the triangle’s height, showing potential for significant gains. The price could even go above $10, depending on market behavior and other factors.
💹 XRP Price Analysis
XRP’s price held steady at around $0.47 this week, with losses limited to just 2% despite volatile market conditions. XRP, with a market cap of $10 billion, is currently ranked seventh. Demand for XRP in spot markets may not be strong, but recent movements in derivatives markets show significant bearish bets. With Open Interest surging to $595 million during this volatile period, there’s a growing possibility that bears could drive XRP’s price back down toward the $0.45 level in the coming days.
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