XRP has reached its bottom and shows signs of a potential rebound. As highlighted by Captain Faibik, a top analyst, the current midterm target for XRP is $2. Several key factors support this analysis, including forming a symmetrical triangle pattern on the chart. This pattern typically indicates that the price will break out in the direction of the existing trend once the pattern is complete.
Since mid-2021, XRP’s price has been consolidating within this symmetrical triangle. The price has consistently touched both the upper resistance and lower support lines. The primary resistance level is defined by the upper trend line of the triangle.
Although this resistance line descends, it is currently around $0.65 to $0.70. If the price breaks out from the triangle, the target resistance level will be approximately $2.20. This target aligns with historical resistance levels in previous bull runs, indicating a potential increase of about 266.87% from the breakout point.
On the support side, the lower trend line of the symmetrical triangle serves as the primary support level. This support line ascends and is currently around $0.40 to $0.45.
XRP’s Potential: From $5,000 to $2.95 Million in Just Two YearsAdditionally, secondary support around the $0.30 level has acted as a floor during past price drops. These support levels provide a safety net, indicating that the price is less likely to fall below these points.
The projected price movement for XRP suggests a possible breakout to the upside. The target of around $2.20 reflects a potential 266.87% increase from the current consolidation area near $0.60. This projection is marked on the chart at 1.5411, indicating a significant potential gain for investors.
As at press time, the live XRP price is $0.4683, with a 24-hour trading volume of $868,388,641. Despite a 1.2% decline in the last 24 hours, the trend suggests a bullish outlook.
