XRP, the native token of Ripple Labs, is currently drawing significant attention from crypto enthusiasts as it shows signs of a bullish price action pattern on its daily time frame. A well-known crypto expert recently took to X (formerly Twitter) to share a bold prediction regarding XRP’s potential trajectory, suggesting that the token could reach $11 in the near future.
The expert’s analysis pointed out that XRP is currently consolidating within a bullish pennant pattern, resembling a flag and pole pattern on the daily chart. Despite this consolidation, the token is encountering resistance at the $2.73 level. The expert highlighted the possibility of a pullback to $2.05 before a potential breakout towards the $11 mark, contingent upon the breach of the resistance level.
As of now, XRP is trading around $2.42, experiencing a slight decline of 1.50% over the past 24 hours. The trading volume has also decreased by 25%, indicating subdued participation from traders and investors amidst the optimistic outlook for XRP.
CoinPedia’s technical analysis indicates that XRP has already broken out from a bullish flag and pole pattern, currently retesting the breakout level of $2.40. Maintaining this level and closing a daily candle above it could signal further bullish momentum for the token.
If XRP manages to hold above the $2.30 level, there is a potential for a significant uptrend, with the token potentially surging by over 40% to reach the $4.50 mark in the foreseeable future. The chart analysis and expert predictions suggest a positive outlook for XRP, with the possibility of substantial price appreciation on the horizon.
In conclusion, XRP’s bullish price action pattern and expert predictions indicate a promising outlook for the token in the coming days. Traders and investors are advised to closely monitor the price movements and key levels mentioned to capitalize on potential opportunities in the market.