XRP on the Verge of an Explosion? Analyst Says Chart Is “Absolutely Fantastic”

XRP On the verge of a breakout? XRP has been catching the attention of analysts and traders alike, with bullish predictions emerging from the community. One such analyst, known by the pseudonym CredibleCrypto, recently shared a particularly positive view on XRP, generating excitement among the crypto community.

CredibleCrypto, a trader with considerable influence in the crypto space, expressed his optimism regarding XRP when paired with Bitcoin. He described XRP’s chart as “absolutely fantastic,” indicating a strong belief in its future appreciation. The analyst even revealed his plans to open a long position on XRP in the coming days, demonstrating confidence in his own analysis.

The technical analysis presented by CredibleCrypto suggests a possible initial downward movement before a significant bounce of at least 65%. This prediction is based on the observation of a specific chart pattern: an inverse head and shoulders pattern, visualized on the one-hour chart. For those unfamiliar, this pattern is considered a bullish signal in technical analysis, indicating a potential trend reversal from bearish to bullish.

“$XRP is currently trading back at my original entry on the $XRP long I shared earlier, so locking in profits seems to have been the right move. That said, the XRP/BTC chart below looks absolutely fantastic, so I’ll be looking to position myself long once again for another trade in the coming days,” he said.

A declaration CredibleCrypto’s statement that XRP has “the most bullish looking chart in the entire space off the lows in my opinion. Just a powder keg building up pressure…” further reinforces their belief in the cryptocurrency’s growth potential. This powder keg analogy suggests that XRP is building momentum for a major price explosion.

The potential price explosion predicted in the analysis would take XRP to new heights, setting a new all-time high. The highest price paid for XRP (XRP) was $3,40, which was recorded on January 7, 2018 (almost 7 years ago). At the time of publication, the price of XRP was trading at $2,19, down 4.3% in the last 24 hours. In comparison, the current price is 35,88% lower than the all-time high.

XRP on the rise: Understand the factors that are driving the cryptocurrency

The cryptocurrency market is known for its volatility and rapid changes. Recently, Ripple’s native token XRP has been experiencing an interesting trend, with its price gradually increasing. This price correction has attracted investors again, boosting XRP.

XRP’s rally appears to have gained momentum following the Federal Reserve’s (Fed) decision to cut interest rates by 25 basis points. Despite the initial impact of Powell’s statements, XRP has been benefiting from a more positive market sentiment. Cryptocurrency analyst Ali Martinez suggested in a recent technical analysis that if XRP’s price manages to sustain above the $2,2 mark, the cryptocurrency could once again reach the $2,7 resistance level. This bullish outlook contributes to the renewed interest in the asset.