NewsBTC 2024-06-23 12:30:39

XRP 6-Year Trendline Draws To A Close, Analyst Predicts 1,400% Rally To $7.5

As the major pieces begin to fall into place, XRP may now be in a position where things are going well for its future price trajectory. While XRP enthusiasts are still reeling in amazement over Ripple’s recent win in court, a crypto analyst has dropped a bullish XRP price prediction that investors can look forward to. According to the analyst known as Jaydee, XRP is getting close to skyrocketing into new price territories. Related Reading: Follow The Whales? Arthur Hayes Buys Pendle, Token Soars 25% Analyst Predicts XRP Rally To $7.5 XRP days of trading less than $1 may be ending very soon, according to a recent price prediction by crypto analyst Jaydee. The analyst made this known while sharing an ultra bullish prediction on social media platform X. According to the XRP/USD bi-weekly price chart shared by the analyst, a six-year trendline is finally drawing to a close. This trendline closure could signal the start of a massive bull run. Interestingly, Jaydee’s technical analysis is based on a non-logarithmic price scale for XRP and a previous occurrence. Despite the price swings in the past six years, XRP has broadly traded within a descending channel since its record peak of $3.40 in 2017. The upper resistance line has capped upside around $1.90, while the lower support line has held above $0.14 during the multi-year bear market. However, recent price action suggests the entire 6-year downtrend is now wedging towards an apex. The contracting range is leaving less and less room for XRP to fluctuate between resistance and support. XRP Set For A Breakout As pointed out by Jaydee, this only suggests XRP is set for a breakout to the upside. Furthermore, the analyst indicated a price target of $7.5 when XRP finally surges. With XRP currently trading at $0.4873, this price target represents an increase of 1,430%. While that may sound outlandish, the analyst points to a similar price cycle between 2013 and 2017 to justify such an explosive move. Notably, a similar breakout of a five-year descending triangle pattern saw XRP surge over 600x to peak at $3.4. Jaydee also noted “dumb money” traders will eventually be left behind during the surge. “We will make sure to take PROFITS on Dumb Money! It will be a FUN but VERY SAD cycle for most,” the analyst said. Related Reading: Don’t Miss The Floki FOMO: Social Media Sends Meme Coin On 300% Rip Whether XRP can replicate those blistering gains remains to be seen. Despite his outrageous bullishness, Jaydee did reply affirmatively to a comment mentioning that this cycle could be different from the 2017-2021 cycle. Looking at XRP’s chart, some key resistance zones to watch are around $0.54, $0.63, and $0.8. Featured image from Adobe Stock, chart from TradingView

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