Amid the general decline surrounding the entire cryptocurrency market, <a href="https://www.newsbtc.com/news/xrp-faces-bearish-pressures-amid-market-downturn-analysts-divided-on-next-move/" target="_blank" rel="noopener ">XRP</a> has been observed as one of the most affected tokens, with its price falling as low as $0.51 at a swift rate. 
<h2 id="potential-price-surge-for-xrp">Potential Price Surge For XRP</h2> 
The price of XRP has been witnessing a significant bearish trend for quite some time now. This has led to several speculations from market <a href="https://www.newsbtc.com/xrp-news/xrp-could-hit-0-39-before-1000/" target="_blank" rel="noopener ">analysts</a> about the token’s future. 
However, a well-known crypto analyst, XForceGlobal, has predicted a rally for XRP that could take the asset to the pivotal $11 price mark. The analyst took to the social media platform X (formerly Twitter) to <a href="https://x.com/XForceGlobal/status/1750577721082810879?s=20" target="_blank" rel="noopener nofollow">share</a> his bold projections with the crypto community. 
In his macro analysis, XForceGlobal identified that XRP has been forming a symmetrical triangle since 2021. He noted a triangle scenario as the main focus of his forecast. 
<img loading="lazy" decoding="async" class="size-medium wp-image-571798" src="https://www.newsbtc.com/wp-content/uploads/2024/01/XForceGlobal-XRP-chart.jpg?w=460&amp;resize=460%2C285" alt="XRP" width="460" height="285" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/XForceGlobal-XRP-chart.jpg?w=3390 3390w, https://www.newsbtc.com/wp-content/uploads/2024/01/XForceGlobal-XRP-chart.jpg?w=460&amp;resize=460%2C285 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/XForceGlobal-XRP-chart.jpg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/XForceGlobal-XRP-chart.jpg?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/XForceGlobal-XRP-chart.jpg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/XForceGlobal-XRP-chart.jpg?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/01/XForceGlobal-XRP-chart.jpg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/XForceGlobal-XRP-chart.jpg?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2024/01/XForceGlobal-XRP-chart.jpg?w=3000 3000w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
This symmetrical triangle was formed as a result of the upper descending trendline and the lower ascending trendline. According to data from the expert’s weekly chart, after XRP fell to a low of $0.1013 in March 2020, the token created the lower ascending trendline of the triangle. 
However, it was not until the asset’s decline from $1.96 in April 2021 that the upper descending trendline was formed. Since then, XRP has not been able to break above or below the triangle. 
XForceGlobal projects that as XRP approaches the triangle’s peak, it will initially plummet further to retest the lower trendline. After that, the expert predicts a significant upswing leading to an ascending breakout. 
Furthermore, he asserts that the larger triangles’s ability to withstand three years of data is the largest accumulation of any token. 
XForceGlobal stated: 
<blockquote>
 The larger triangle scenario now has a solid three years of data which makes it the largest accumulation of any coin without breaking any major lows at the time of writing.
</blockquote> 
With his analysis, XForceGlobal has put his “conservative <a href="https://www.newsbtc.com/analysis/eth/xrp-price-takes-hit-050/" target="_blank" rel="noopener ">price”</a> for the asset between “$9 to $11” in case the breakout happens. “I would be conservative with my targets in the coming years of around $9-$11 if the triangle scenario happens,” he stated. 
<h2 id="the-crypto-asset-has-seen-a-massive-breakdown">The Crypto Asset Has Seen A Massive Breakdown</h2> 
Another crypto analyst, Crypto Rover, has taken to X to share the effects of the decline that XRP has been observing. He underscored that the decline has seen a “massive breakdown” since the Q2 of 2021. 
Rover shared a chart of the digital asset to further emphasize his analysis. As seen by Rover, XRP fell from a <a href="https://www.newsbtc.com/press-releases/will-xrp-and-dogecoin-ever-return-to-their-all-time-highs-it-might-be-time-to-consider-doge-uprisings-presale-for-100x-returns/" target="_blank" rel="noopener ">peak</a> of about $1.82 in mid-April 2021 to the present price of $0.51. 
<img loading="lazy" decoding="async" class="size-medium wp-image-571799" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Crypto-Rover-XRP-Chart.jpg?w=460&amp;resize=460%2C239" alt="XRP" width="460" height="239" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Crypto-Rover-XRP-Chart.jpg?w=2854 2854w, https://www.newsbtc.com/wp-content/uploads/2024/01/Crypto-Rover-XRP-Chart.jpg?w=460&amp;resize=460%2C239 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Crypto-Rover-XRP-Chart.jpg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Crypto-Rover-XRP-Chart.jpg?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Crypto-Rover-XRP-Chart.jpg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Crypto-Rover-XRP-Chart.jpg?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/01/Crypto-Rover-XRP-Chart.jpg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Crypto-Rover-XRP-Chart.jpg?w=1140 1140w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
Since then, the token seems to have been trading in a symmetric triangle. With the price breaking through the triangle’s base, further decline could happen if not controlled. 
At the time of writing, XRP was trading at $0.5125, showing a 6.10% decrease over the past week. Its market cap is up by 0.38%, while its trading volume is down by over 3%, according to CoinMarketCap. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/1B5KGiOc/" alt="XRP" width="2273" height="1351">

XRP Breakout: Analyst Forecasts Potential Price Surge To $11

목차

NewsBTC

2024년 1월 26일에 게재된 다른 기사

UMA Price Prediction: UMA Pumps 17% As This Under-The-Rader Presale Closes On $7.5 Million

Binance Coin (BNB) Price Analysis and Forecast

US CBDC debate heats up amid elections. Does the country need a digital dollar?

Is the Correction in Bitcoin Over? Can I Buy Altcoins Now? Famous Analyst Talked About Altcoin Ra...

Bitcoin Price Movement and Expert Analysis

Is Chainlink (LINK) Ready To Soar? Key Indicators To Monitor

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!