- XRP is trading around $0.60 and has shown resilience despite market uncertainty.
- Analyst Tylie Eric predicts XRP could surge to $32 if it breaks out of a symmetrical triangle pattern.
XRP is currently trading around $0.60, a key psychological level that it broke through earlier this week. Despite the broader uncertainty in the cryptocurrency market, XRP has shown resilience, drawing attention from both bullish and bearish investors.
Analyst Predicts Massive XRP Price Surge
A recent analysis by crypto analyst Tylie Eric has caught the attention of XRP enthusiasts, with a bold prediction that the cryptocurrency could surge to $32 in the coming months. The analysis that was shared on the social media platform X is based on a detailed price chart of XRP/USD on the 1D candlestick timeframe showing the movements of XRP from late 2020.
WELCOME TO MONDAY.
I’m a visual individual. Let this chart rekindle the spark. pic.twitter.com/xZXe4cpou1— Tylie E (@TylieEric) August 19, 2024
At the core of this analysis is a symmetrical triangle pattern that began to develop in early 2021 as XRP reached a high of $1. 96. In the past, XRP has had a series of lower highs and higher lows, which in the recent past has formed a tighter trading range. This pattern is used by technical analysts to try to predict a breakout that may occur in either direction and lead to large price swings.
According to Tylie Eric, XRP is trading near the upper trendline of this triangle pattern. If the price breaks out to the upside, it could lead to a major move, the analyst added. This bullish formation has one target in sight, and that is the all-time high at $3. 5 for XRP. If the breakout continues, the price may break through this level and possibly rise to $32 by the end of the year. This would be quite a jump from the current trading price of XRP at a 5230% increase.
Additional Analysis Identifies Bullish Flag Pattern for XRP
The prediction of a possible rise to $32 has elicited a lot of discussion among members of the crypto community. While some investors are eager at the possibility of such a sharp rise in price, others are cautious. XRP has received several positive forecasts in the last few weeks, especially after the end of the Ripple-SEC lawsuit, since many believe that this could mean a positive change in the market.
However, not everyone shares this optimism. There is still a bearish sentiment in the market when it comes to XRP, and some analysts have questioned its future. One analyst recently described XRP as the ‘biggest scam in crypto,’ which underlines the continuing divergence of opinion among market participants. Currently, XRP is trading at $0.59, showing a modest 1.29% gain over the past 30 days.
In line with the bullish view on XRP, another analysis by The Moon, one of the most popular crypto analysts, is in line with this view. In the analysis by The Moon, XRP is still trading inside a bullish flag pattern on the one-hour chart. This pattern mostly points to a continuation of the previous trend and therefore, XRP may be set to rise further.
If XRP manages to break through this flag to the north, the next big target of resistance is at $0. 64. This level is considered very important for the short-term future of XRP, as a break above it can open the door to a strong upmove.
