Excitement is brewing in the XRP community as a prominent analyst, JD, suggests the cryptocurrency is finally breaking free from a six-year downtrend. This potential breakout has sparked bullish predictions, with some analysts even forecasting a surge to $3.50.
JD’s analysis hinges on a technical indicator known as a “triangle pattern,” which has seemingly confined XRP’s price movement for the past six years. He believes this pattern is finally breaking, paving the way for a significant upward trend. To support his claim, JD shared a chart highlighting XRP’s historical performance, showcasing the subdued price action since its 2018 peak.
The recent market momentum, largely driven by Bitcoin’s rally, seems to be fueling XRP’s potential breakout. Over the past 7 Days, XRP experienced an impressive 14% surge, reaching a high of $0.646076. This upward trend builds upon a strong YTD for XRP, with its price climbing over 69%.
Building on the potential breakout, JD predicts a significant bullish rally that could propel XRP towards $3.50, a level last seen in early 2018. This potential surge translates to a remarkable 451% gain from its current price point.
However, JD advises caution amidst the excitement. He urges investors to “take calculated profits” as the price approaches the $3.50 mark.
JD is not alone in his optimism. Other prominent analysts, like EGRAG, are also bullish on XRP, predicting a potential rise above the $2 mark during the current market upswing. Additionally, analyst Dark Defender believes reclaiming the $0.62 level, which has already occurred, could be the catalyst for a rally towards $2.
While these predictions offer a glimpse into what the future may hold, it’s crucial to remember that the cryptocurrency market remains volatile, and unforeseen factors can always influence price movements. As always, investors are advised to conduct their own research and exercise caution before making any investment decisions.
Related: XRP Poised for 140% Surge: Expert Predicts Price to Skyrocket to $1.35
XRP Market Outlook
On March 3, 2024, the global cryptocurrency market experienced a slight decline, with the total market capitalization reaching $34.09 billion, reflecting a decrease of 0.87% in the last 24 hours. XRP, currently ranked 6th by market cap, was trading at $0.62362 with a daily trading volume of $2.05 billion. It also witnessed a minor dip of 0.57% in the past day. The circulating supply of XRP stands at 54.66 billion coins, with a maximum supply capped at 100 billion coins. The highest price XRP reached in the last 24 hours was $0.643699, while the lowest was $0.608072.
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