Amid recent market volatility, major cryptocurrencies like XRP have seen a wave of optimism among investors and traders as several crypto analysts continue to offer bold predictions regarding the altcoin.
Even though XRP has failed to see a massive surge since its rally to its current all-time high in 2017, these analysts are confident that a similar move could take place in the ongoing bull cycle.
Is XRP About to Hit a New All-Time High?
In a bold way predictionWell-known crypto expert and trader Xaif has taken a look at the current XRP price action and claimed that the crypto asset is preparing for a possible significant breakout, suggesting renewed strength for a major rally ahead. Xaif made this bold prediction after citing a bullish symmetrical triangle pattern on the altcoin‘s chart on the weekly time frame.
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More specifically, this pattern develops when an ascending line connecting the lows and a descending line connecting the highs converge. Additionally, they suggest a consolidation phase before a possible breakout to the upside or downside.
However, in this scenario, the cryptocurrency expert identified an imminent massive breakout of XRP to the upside, indicating a possible strong movement for the digital asset in the coming days. Analyzing the magnitude of the breakout, Xaif set his next price target for XRP at the $150 pivot level in the next 6 months.
Xaif’s prediction seems to have sent the community into a frenzy, with crypto enthusiasts expressing their deep displeasure over the analyst’s bold predictions. Despite the nature of crypto assets that experience significant price fluctuations, these enthusiasts criticized the analyst for his statements that would negatively impact the community.
Although the community has criticized his projection, Xaif remains steadfast, noting that the token is a real utility and that the ability for XRP to handle transactions on a global scale will catalyze this massive rally to the $150 threshold and even higher.
However, Xaif, in another jobhighlighted that XRP is stabilizing with an upward trendline between the $0.5650 support range and the $0.6450 resistance level. Meanwhile, a drop below $0.5650 or the trendline may indicate a negative trend, while a burst above $0.6450 would suggest a bullish move.
Altcoin Must Break Through Key Resistance Levels
If a move towards the $150 level is in the offing, XRP is primed for a bullish breakout. Another crypto analyst, Fiatleakplanned an escape for short term altcoin.
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According to Fiatleak, the altcoin has been showing strong signs of bullishness for the past 2 days, driven by growing market optimism and recent encouraging developments from the United States Securities and Exchange Commission (SEC). legal battle with financial giant Ripple.
During the period, the analyst said the token fluctuated between $0.57 and $0.65, and other experts believe that if XRP can overcome resistance levelsit could reach new historic highs.
Featured image from Adobe Stock, chart from Tradingview.com
