A famous cryptocurrency analyst, CoinsKid, has recently made a price prediction for XRP, the native token of the XRP Ledger. According to CoinsKid, the cryptocurrency could see a significant surge in price based on an ascending triangle forming on XRP’s six-month chart. Technical analysts use this chart pattern to predict price movements and consist of a horizontal line connecting the high points of the price and a rising line connecting the low points of the price. The two lines form a triangle shape used to look for price breakouts, either up or down.
In this case, the ascending triangle is seen as a continuation pattern, suggesting that the price will continue in the same direction as the trend before the triangle was formed. CoinsKid interpreted the triangle as meaning that XRP could continue surging, capitalizing on a recent ruling that deemed XRP not secure. The analyst also highlighted the presence of a potential double bottom on the six-month chart, further strengthening the bullish case.
According to the analysis, the price of XRP could initially jump to $0.827 and then see a significant increase to $3.74 by 2025. However, the prediction has seen mixed reactions from the XRP community.
Institutional investors have been investing in altcoins like XRP, Cardano ($ADA), and Solana ($SOL), with these cryptocurrencies’ investment products attracting significant inflows. XRP-focused funds saw $500,000 in inflows last week, while Cardano and Solana-focused funds saw $640,000 and $600,000 in inflows, respectively. In contrast, Ethereum-focused funds saw $1.9 million in outflows, while Avalanche ($AVAX) investment funds saw $400,000 in outflows.
Overall, XRP’s potential price surge and the increasing institutional interest in altcoins suggest that the cryptocurrency market is still evolving and that significant investment opportunities may exist in the coming years.
Source: CRYPTO GLOBE
