Crypto Analyst Predicts XRP to Skyrocket
Cryptocurrency expert X, Gert van Lagen, has projected that the price of XRP is poised for an explosive surge to reach the target of $38. While this forecast may seem ambitious as the altcoin is currently trading below $3, the analyst relies on solid technical indicators to justify this bullish outlook.
Van Lagen has shared a two-week technical analysis of XRP’s price, highlighting the formation of a “Double Bottom” and an “Ascending Triangle”, two very bullish chart patterns.
XRP initially formed a Double Bottom, a strong bullish reversal signal, between 2014 and 2020. When the price broke above the neckline of this pattern, it triggered an impressive rally to $0.28 and $2.5, as indicated by points “1” and “2” on the chart.
Subsequently, the price has formed an “Ascending Triangle”, a pattern of continuing upward movement characterized by a horizontal upper resistance line and an ascending support line. The appearance of this technical indicator suggests a potential bullish breakout of the cryptocurrency or continuation of the positive trend.
Van Lagen’s chart shows that XRP has recently broken a crucial resistance, confirming this bullish breakthrough. Given that the previous Double Bottom breakout led to a spectacular surge in 2017 and 2018, the analyst anticipates a similar or even greater increase, with the ultimate target set at $38.
XRP Community Bullish Following SEC Victory
The XRP community is abuzz following the official conclusion of Ripple’s long legal battle with the SEC in the United States. On the X social network, accolades for this victory abound, with many analysts projecting significant price increases in the weeks ahead.
With the prevailing positive sentiment and the now settled dispute, the altcoin could reclaim its former glory, with spectacular price surges and a growing market capitalization, akin to the period before the SEC lawsuit. Notably, a crypto analyst known as ‘Random Crypto Pal’ has stated that with the conclusion of the Ripple/SEC lawsuit, XRP has no more market capitalization limits. He even predicts the cryptocurrency could skyrocket to an ambitious target of $10,000.
While XRP is currently trading around $2.4, the technical outlook and renewed community enthusiasm suggest a significant upside potential in the coming months, especially if analyst Gert van Lagen proves to be visionary with his prediction of $38.
