Ripple’s native cryptocurrency, XRP, has been making waves in the market as it forms a promising ‘W’ pattern, indicating a potential breakout in the near future. According to recent research tweet by analyst EGRAG Crypto, the current situation suggests that the MACRO ‘GO-GO’ level is imminent, which could lead to significant price appreciation for XRP.
Analysts emphasize the Fibonacci level of 0.382, currently between $0.58 to $0.60. This support level is a major XRP support. The bullish sentiment continues as long as XRP does not drop below the range of this weekly or three-day candle.
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Although wicking is considered to be normal, investors may have concerns if the candle closes below Fib 0.3822 level.
Would XRP be worth $1.17 in the future?
Upon closer examination of the XRP chart, EGRAG Crypto points out that the ‘W’ pattern is indeed taking shape. The analyst believes that this pattern could signal a breakout. This pattern’s measured movement varies according to the scale. The target is $1.17 on a scale that’s logarithmic. The target, when viewed on a standard scale (not logarithmic), is $1.02.
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Ripple Price Performing
XRP’s price has dropped in recent days despite the positive outlook. It fell by 8.9% in the last day and 0.9% in the previous seven days. Zooming in on the 30-day timeframe and one-year period reveals an even more promising picture. XRP has recorded gains of 17.0%, and 67.7% respectively.
The figures show that despite the short-term volatility, XRP’s overall trend is bullish. As the ‘W’ pattern continues to develop, investors and traders are keeping a close eye on the cryptocurrency’s price action, eagerly anticipating the potential breakout and subsequent price surge.
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Ripple is the company behind XRP and has long been in a court battle with U.S. Securities and Exchange Commission. Ripple claims that the SEC has accused it of conducting an unregistered security offering by selling XRP. Ripple, however, maintains that XRP should not be considered a securities and instead treated as a form of digital currency.
This legal dispute could impact XRP’s price in the future. Ripple’s favorable decision could increase investor confidence, and possibly lead to greater institutional adoption. Unfavorable outcomes could also put downward pressure on XRP.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: watcher.guru
