According to a popular cryptocurrency analyst, XRP, the native token of the XRP Ledger, is currently testing a multi-year trendline. Historical data suggests that this could cause the price of XRP to surge between 39x and 650x within a year. However, the price of XRP has declined by over 11% in the past month and over 19% in the last six months, indicating that it is struggling to recover.
#XRP – Last two times we tested the 10-year trendline, $XRP 39x – 650x in price w/in a year! We are now testing multi-year trendline!
Can we bounce off trendline to finally break structure?! Do NOT "KNOW WHAT YOU HOLD", 🤦♂️🤣we taking "calculated profits!"
RT/Like for updates!… pic.twitter.com/flIQcDh4Ls
— JD 🇵🇭 (@jaydee_757) February 3, 2024
Other analysts have also made bullish predictions for XRP, suggesting that investors should view price dips as buying opportunities if they tend to invest in this token. These analysts believe that if XRP continues to trade within a specific symmetrical triangle pattern, it could surge to $22. The symmetrical triangle pattern was formed in 2017, and a potential bull run is anticipated if XRP breaks the pattern with an upward movement.
It is worth noting that large XRP token holders have been accumulating the cryptocurrency, and they now control 67.2% of its circulating supply, the highest amount since December 31, 2022. However, another analyst has pointed out that XRP is breaking down on a three-year consolidation pattern. This price drop occurred shortly after Ripple Chairman Chris Larsen confirmed that over $120 million worth of XRP were taken from his personal accounts.
In addition, the XRP Ledger has approved the launch of a built-in automated market maker (AMM) trading platform, allowing XRP token holders to earn income on-chain.
Source: CRYPTOGLOBE
