Analyst’s Crystal Ball: XRP Bulls Eyeing $40 Price Target, Despite Doubts
23 November 2023 - 9:30PM
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Renowned cryptocurrency analyst Dark Defender, with a substantial
following of nearly 100,000 individuals on platform X, has drawn
attention to the emergence of a “cup and handle pattern” in the
daily time frame of the cryptocurrency XRP. Based on his analysis,
provided that the token maintains a closing price above the support
level of $0.604, XRP has potential for a positive upswing towards
the price goals of $1.05 and $1.88. Related Reading: Binance Drama
Causes Crypto Prices To Dance On The Edge – Details Although Dark
Defender’s projection has all the bullish elements to give XRP some
badly needed boost in price, another analyst’s estimation also
provides a great deal of importance. Hi all. $XRP formed a cup
& handle pattern in the daily time frame. We set targets for
$1.05 & $1.88 with the Elliott Waves, and now the Cup-Handle
pattern is also blinking XRP to reach the targets. Can the handle
be extended towards $0.5286 Support? We still need to close…
pic.twitter.com/SvVokOYTs8 — Dark Defender (@DefendDark) November
21, 2023 XRP Upward Trend And Institutional Investments In a world
where predictions are often uncertain, the assurance made by
prominent cryptocurrency analyst EGRAG provides another
straightforward perspective, suggesting that the journey to a $40
XRP might be less complicated than skeptics think. The price of XRP
remained over the $0.60 threshold during the early hours of
Tuesday. The alternative cryptocurrency is currently seeing an
upward trend, accompanied by an increase in the amount of capital
being invested by institutional investors into XRP funds. #XRP –
Once you spot it, you’re hooked! The FOMO’s about to hit hard at
$2! 💥 My bank account? It’s #XRP all the way! Every gain feeds back
into #XRP. 💰#XRPArmy STAY STEADY, The #XRP TA indicate to an
incredibly bullish long-term outlook. 🐂 pic.twitter.com/z3PuhvwCmn
— EGRAG CRYPTO (@egragcrypto) November 22, 2023 In recent weeks,
there has been a notable trend of significant wallet investors
divesting their XRP token holdings, while retail traders have
concurrently demonstrated an inclination towards acquiring the
altcoin. This phenomenon has contributed to the development of a
positive outlook for XRP. The price of XRP is currently $0.6105,
1.8% less than it was a day ago. Despite the continued downturn,
interest in the asset is increasing; transaction volume has
increased by 25% in the past day to around $1.2 billion. Total
crypto market cap is currently at $1.39 trillion. Chart:
TradingView.com Implications Of The Ascending Triangle For XRP’s
Future One of his most recent updates on XRP, where he drew
attention to the asset’s moves on the weekly chart, demonstrates
his ongoing bullishness. XRP is presently trading inside an
ascending triangle that has been there since 2018, according to
EGRAG’s chart. An ascending triangle is a bullish pattern in
technical analysis, formed by a horizontal resistance line and a
rising support trendline. It indicates a market where buyers are
consistently pushing the price higher against a specific resistance
level. Related Reading: Cardano Phoenix Moment: Price Breakout In
The Face Of Recent Setbacks Traders anticipate a potential upward
breakout at the triangle’s apex, signaling a continuation of the
existing uptrend. This pattern is often seen as a sign of
increasing buying pressure. (This site’s content should not be
construed as investment advice. Investing involves risk. When you
invest, your capital is subject to risk). Featured image from
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