Cryptocurrency analyst and professional trader Crypto Patel has expressed optimism regarding the future outlook of the XRP price. The analyst has identified a distinctive technical pattern within the XRP price chart that has the potential to trigger a significant price shift for the cryptocurrency.
XRP Sees Potential Bullish Breakout To $10
In an X (formerly Twitter) post published on Wednesday, Crypto Patel highlighted key technical triangles forming in the XRP price chart similar to patterns observed in 2017 during the crypto market’s bullish cycle.
The analyst shed light on the challenges XRP faced during the crypto market’s 40,000% surge in 2017. He revealed that despite Bitcoin rising to previous highs, XRP struggled to align with bullish trends, ultimately failing to surpass its all-time high of $3.30 at the time.
Additionally, throughout its extended three-year legal dispute with the United States Securities and Exchange Commission (SEC), the cryptocurrency encountered persistent challenges, leading to a series of price declines. Fortunately, after achieving a partial victory and gaining legal clarity in its battle with the SEC, Crypto Patel anticipates a more promising future for XRP.
The analyst has indicated a potential resurgence of the bullish trend seen in 2017. He disclosed that with XRP’s recent legal success, current conditions may provide a more conducive environment for the cryptocurrency to capitalize on the opportunities arising from the technical pattern.
At the time of writing, the price of XRP is trading at $0.51, according to CoinMarketCap. The cryptocurrency has undergone prolonged sluggish growth, described by the analyst as surviving “2,291 brutal bear days.” Despite XRP’s stagnant price value, Crypto Patel has foreseen a substantial surge to $10, particularly if the crucial technical triangle pattern comes into play.
Crypto Analyst Predicts One Month Upswing For XRP Price
He disclosed that the Tom Demark (TD) Sequential Indicator, a powerful tool for identifying the time of trend exhaustion and a price reversal, is signaling a “buy” on the XRP weekly chart. As a result, the analyst has predicted a possible upswing in the price of XRP, with the potential duration extending from one to four weeks.
The looming possibility of this rally could bring positive sentiment and hope to XRP investors who had previously voiced concerns over the cryptocurrency’s declining state and inability to capitalize on the ongoing developments within the Ripple ecosystem.
XRP bulls make a play for control | Souce: XRPUSD on Tradingview.com
Featured image from Dall.E, chart from Tradingview.com