JD, a prominent analyst, has set a significant price target for XRP, provided it successfully breaks out of a symmetrical triangle pattern. He says that the XRP price could rise to $5 to $8 for XRP in the event of a successful breakout.
Origin of the symmetrical triangle
The symmetrical triangle in XRP price patterns began to take shape as the coin fell back from its all-time high starting in January 2018. This was visually represented by a downward trend line, which acted as resistance. Contrary to what JD’s earlier analysis suggested about an eight-year pattern, close inspection shows that this pattern actually developed over a five-year period.
Consolidation within the trend lines
In March 2020, the symmetrical triangle was fully consolidated as an upward trendline formed that formed the basis for support. Since then,
Convergence of trend lines
If we observe the trend lines further, we see that they have slowly moved towards each other. This pattern indicates the formation of higher lows and lower highs, a sign that the market is experiencing consolidation and possibly building for a significant move.
Attempts at breakthrough
There have been several attempts where XRP tried to break through the upper resistance trendline. A memorable moment was in April 2021, when XRP recorded a significant increase in value to $1.9669. Despite this upward movement, the trendline resisted a complete breakout.
Recent market behavior
In June 2022, XRP’s resilience was tested with a price drop to $0.2870, challenging the strength of the lower trendline. Nevertheless, the currency showed resistance and recovered. A later test in July of the same year saw an upward move to $0.93 in an attempt to break the resistance trendline. Still, the upper trendline remained invincible, preventing further upward movement.
This technical analysis highlights the crucial zones of resistance and support that XRP must overcome or maintain to achieve a significant price change.
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Will XRP Reach $8?
Crypto analyst JD is therefore very positive. The foundation for JD’s confidence has been laid by XRP’s recent performance, with the coin testing the lower trendline early last month. If XRP breaks through, JD will identify a specific ‘green box’ as the price target, between $5 and $8. Reaching this target zone would not only take XRP to a significantly higher level, but could also result in a new all-time high.
At this crucial time, XRP is on the cusp of breaking out of a long-standing five-year symmetrical triangle pattern. According to JD’s analysis, this could lead to an impressive $8 price target if the breakout occurs.
A similarly bullish market view was recently shared by another analyst, who set an even more ambitious price target of $8 to $13 for the next bull market period. JD’s forecast of a rise to $8 can be seen as a conservative precursor to this bigger forecast. With these insights, XRP can be seen as a potential key coin to watch closely in the coming weeks.
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