- Analyst JD anticipates XRP’s breakout, eyeing a $5 to $8 range, signifying a significant 1,300% increase.
- XRP confines within a 5-year triangle, with recent retests hinting at an upward breakout.
- XRP trades at $0.599768, up 3.41% in 24 hours and 41% in 7 days, highlighting ongoing positive market trends.
In a recent market analysis, an experienced analyst who goes by the initials JD envisions a bright future for XRP, with a target range spanning from $5 to $8. If this prediction becomes a reality, it could translate into an astonishing 1,300% increase in the current value of XRP.
Source: JD
Adding to the anticipation, this forecast coincides with the impending end of a five-year-long pattern that has shaped XRP’s price movements. Known as a symmetrical triangle, this pattern has been a defining feature of XRP’s market dynamics since the cryptocurrency’s substantial dip from its all-time high (ATH) of $3.31 back in January 2018.
The symmetrical triangle is characterized by descending upper and ascending lower trendlines. These trendlines have acted as crucial boundaries, with the lower one serving as a reliable support structure. Attempts to breach the upper trendline, most notably in April 2021 when XRP briefly touched $1.9669, were met with resistance and followed by subsequent declines.
JD’s confidence in this bullish prediction is reinforced by the recent retests of the lower trendline. As of the time of writing, XRP is trading at $0.599768, indicating a 3.41% increase over the past 24 hours and an impressive 41% surge in the last seven days.
If XRP manages to escape the confines of the symmetrical triangle, the potential for a surge to the $5 to $8 range becomes increasingly realistic. Such a monumental leap would not only mark a new ATH but also bring XRP’s market cap to a staggering $428 billion, assuming the supply remains relatively stable.
