Ripple (XRP) May Rise to $6 with This Formation: Analyst Good News!

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In March, following impressive gains in the price of Ripple (XRP), the cryptocurrency faced a significant decline. XRP, which saw its monthly peak at $ 0.73, lost most of its gains after this rise with the general market decline and is currently trading around $ 0.62. However, experienced trader MikyBullCrypto thinks there is no cause for concern in the market and argues that XRP’s current price movement may actually be a positive signal.

According to MikyBullCrypto’s analysis, the decline in XRP’s price is a typical pullback and retest move after a recent breakout of a symmetrical triangle pattern. interpretable. This means that the price went through a period of consolidation before getting stuck together and making a breakout move. Symmetrical triangle formations generally represent periods when the price is stuck in a certain range and prepares for the next big move. Therefore, this decline may not be a trend change but rather part of a period where the price is preparing for a new direction.

The analyst first shared on March 3 that XRP broke out of a symmetrical triangle and a close above this range would push prices higher. However, XRP was unable to close sufficiently above this range until it rose as high as $0.73 on March 11. According to MikyBullCrypto, the fact that the price is currently retesting the former resistance level as support is a very positive sign and this could increase the possibility of the price moving higher.

Now XRP continues to trade with a possible breakout range and may witness a parabolic rise once market conditions improve. If such an outcome occurs, the analyst predicts that XRP could rise to $6, following the historical pattern set in 2014 and 2017.

The XRP trading chart from 2021 to 2024 mirrors the previous cycle. This analysis offers investors a broader perspective and goes beyond XRP’s short-term fluctuations.

In summary, XRP’s recent drop below $0.6 could be part of a retest pattern that will see prices rise to $6 later in this cycle.

Ripple (XRP) is trading at $0.6294 at press time.

You can access current market movements here.

Source : the crypto basic


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