Can XRP Skyrocket to $20? This Chart Patterns Signal Major Price Explosion!

2024-9-29 12:30

This week is closing relatively calm for the crypto market. In fact, most altcoins experienced a correction of 5-15% while the Bitcoin price stayed mostly flat in the $65,300-$65,700 range despite the news about BlackRock buying more BTC.

However, the XRP price pumped 6.5% today and is now trading slightly below $0.63. As many times before, XRP showed that its price movements can go against the market.

Analyst “Mikybull” posted an XRP price prediction on X, formerly Twitter, and it went viral. Remember that XRP has a strong community and Mikybull has over 73k followers, so this is not surprising.

XRP Chart Analysis

The XRP chart shows the price approaching the end of a symmetrical triangle, a consolidation pattern that often precedes a significant price move. The XRP price is currently trading within a range defined by converging trend lines, suggesting that a breakout could be imminent as XRP nears the triangle’s apex.

Source: X/@MikybullCrypto

The chart also reveals an ascending channel formed by two parallel lines. The XRP price has respected this channel historically, with its price bouncing off the lower boundary multiple times. The lower trend line acts as a major support level, while the upper channel line represents key resistance.

Currently, XRP is hovering near the middle of this channel, potentially gearing up to test the upper boundary if it breaks out of the symmetrical triangle.

Read also: Could Ripple’s (XRP) Price Cross the $1 Mark Soon? Here’s the Outlook

XRP Price Targets and Indicators

The immediate resistance for XRP lies in the $0.63 – $0.64 region, with the price currently around $0.62. This level could be a crucial decision point for XRP’s next move. If the XRP price breaks upward, Mikybull suggests a mid-term target of $10, with a more ambitious projection of $20 aligning with the upper boundary of the ascending channel.

The chart also features Bollinger Bands, which are currently squeezing around the price. This contraction in volatility often precedes a significant move, supporting the potential for a breakout from the symmetrical triangle.

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An RSI indicator (specifically the Williams %R) is shown below the chart. It’s approaching a bullish level, suggesting XRP might be in the early stages of an upward move. The indicator shows historical peaks corresponding to significant price moves, particularly the massive bull runs XRP experienced in 2017 and 2021. A similar peak appears to be forming now.

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The post Can XRP Skyrocket to $20? This Chart Patterns Signal Major Price Explosion! appeared first on CaptainAltcoin.

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