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Since winning the legal battle against the US SEC, Ripple (XRP) price has been promising an increase. Many community members are closely following the cryptocurrency and hoping for a significant price surge. In particular, a cryptocurrency analyst predicts a major rise in price for this altcoin, with it potentially reaching triple-digit figures.
Ripple’s Bullish Forecast!
Following Judge Analisa Torres’ decision in favor of Ripple Labs, Ripple’s native token XRP experienced a significant volatile movement despite the positive sentiment surrounding it after its partial victory against the US Securities and Exchange Commission (SEC) in July. However, an analyst sees a potential bull run for the altcoin.
Cryptocurrency analyst and XRP enthusiast XRP Captain predicted a significant price increase for XRP token in a recent post. XRP Captain shared a chart with a symmetrical triangle pattern, which they used to predict a potential $130 price movement for XRP in the future.
It appears that XRP has a history of symmetrical triangle formations. In 2017, the cryptocurrency broke out of a similar symmetrical triangle pattern, propelling the token to its all-time highs. As for when this will happen, the analyst points to the expected bull run in 2024. The analyst is not the only one predicting a bull run in altcoins. In early August, an anonymous analyst predicted a major surge for XRP, foreseeing it reaching its previous all-time high of $3.
Ripple Bullish Prediction!
In this case, the analyst highlighted that the XRP/BTC pair has finally reclaimed the 20-day and 50-day moving averages, which last occurred in 2017. Following the prediction of a potential bull run for XRP, other cryptocurrency analysts shared their thoughts that the prediction is not entirely credible.
JD, another cryptocurrency investor and chartist, was excited about the technical patterns shown in XRP price charts. They stated that the symmetrical triangle was accurately represented. However, they did not see XRP price reaching triple-digit figures. Nonetheless, XRP whales continue to hold onto their holdings, taking advantage of market dips and buying millions of dollars worth of tokens. XRP is currently expecting a reversal after seeing weak gains of 0.02% in the past day. However, it still faces a 2.61% loss on the weekly chart.
