XRP could be gearing up for a massive 5,130% rally to $27, according to crypto analyst JD, who called attention to an imminent break above a persistent 6-year trendline.
JD made this projection in a recent analysis. He noted that XRP was retesting and bouncing off a particular 2-year trendline. According to him, a confirmation of a break above another 6-year trendline could see XRP surge to $27.
Data from his weekly chart adds more context to the post. Notably, XRP has been wrestling with three multi-year trendlines, with two of these trendlines, the lower and upper, gradually converging over several years, creating a symmetrical triangle.
The Two Original Trendlines
The lower trendline emerged in March 2017 when XRP reached a high of $0.0787 before a significant slump, coinciding with an RSI of 48.59. This lower trendline has since been on an upward trajectory, providing steadfast support to XRP for nearly seven years.
The upper trendline emerged after XRP’s rise to the ATH of $3.3 in January 2018. The trendline formed amid the ensuing correction that followed XRP’s collapse. This trendline has been exerting downward pressure on XRP’s attempts to reach new highs for nearly six years.
The original upper and lower trendlines have been converging toward each other since their formation. As a result of this convergence, the trendlines are now forming a multi-year symmetrical triangle.
The Third Trendline
Intriguingly, a third trendline materialized as an offshoot of the primary upper trendline, originating when XRP surged to $1.9 in April 2021. This rally briefly retested the original upper trendline but encountered resistance, forming the third upper trendline.
This third trendline has persisted for the past two years, residing within the symmetrical triangle shaped by the original two trendlines.
XRP breached the third upper trendline, spurred by a rally to $0.93 in July. Despite this peak, the weekly RSI continued its descent, mirroring the 48.59 value observed back in March 2017.
Following the rise to $0.93, XRP embarked on a corrective phase, currently revisiting the third trendline while remaining confined within the bounds of the two original converging trendlines.
XRP Could Hit $24
JD’s analysis offers a two-phase outlook for XRP. Initially, JD predicts a further dip for XRP, potentially retesting the borders of the original 7-year lower trendline during this correction.
However, the analyst anticipates a substantial rally for XRP following this retest, with the ultimate goal of surmounting the original 6-year upper trendline and reaching an impressive $24.
XRP is trading at $0.5162 as of press time, reflecting a 1.49% increase over the past 24 hours. Achieving the projected target of $24 would necessitate an astonishing 5,130% rally from its current trading price.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
