The XRP price has seen some level of recovery over the last two days that has seen positive sentiment returning to the latocin once again. This has carried forward with the expectation that the price will continue to surge. One crypto analyst in particular, who goes by RLinda, has revealed why the cryptocurrency is set to surge 70%.
XRP Price Completes A False Breakdown
In the analysis that was posted on the TradingView website, crypto analyst RLinda outlined a number of reasons why the XRP price may be getting ready for a surge. One of these reasons is the fact that the altcoin has completed a false breakdown.
This is referring to the price crash that sent the price falling from $0.7 to $0.42, recording an almost 50% crash. However, the crypto analyst believes that this crash was bullish for the coin as it was basically a false breakdown, followed by a breakout.
In scenarios such as this, the XRP price could be headed for a breakout similar to the breakdown and eventual recovery between August and November 2023. Such a case could see the price rise 50% with a higher end of 70%.
Source: Tradingview.com
Additionally, the XRP price has also been in long term consolidation, another factor that could contribute to this breakout. “XRPUSDT is forming a technical false break of support, in the long term consolidation above the zone should be formed with the purpose of continuation of growth, the potential of which can be opened by 50-70%,” the analyst stated.
The State Of XRP
XRP has already seen investors returning once it was clear the worst of the crash. Crypto whales, in particular, have been making their bets, moving 600 million XRP tokens. As NewsBTC reported, whales holding between 10 million and 100 million XRP increased their holdings by 30 million in just one week. But even more interesting is the fact that they have moved up to 600 million tokens in the space of two weeks.
These moves come ahead of crypto analysts prediction major upside for the cryptocurrency. One of those is crypto analyst Egrag Crypto who predicted that the XRP price is ready to spike as high as $1.4. This would mean an over 100% increase in price.
However, XRP has not exactly been the market favorite in recent times. Its daily trading volume has seen a notable decline, with Coinmarketcap reporting a 20% drop to $1.33 billion in the last day. Nevertheless, the altcoin remains the 7th-largest in the space, with a market cap of $30.3 billion.
XRP struggles above $0.5 | Source: XRPUSDT on Tradingview.com
Featured image from Coinpedia, chart from Tradingview.com
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