Notable market analyst and crypto YouTuber DustyBC expects XRP to witness a massive big candle that could trigger a 4,000% rally to $30.
According to DustyBC, the emergence of a God candle on the weekly timeframe is imminent as XRP continues to battle the $0.52 price level. The analyst’s chart shows that amid this battle with the bears, XRP has been trading within a multi-year symmetrical triangle on the weekly chart.
XRP’s Multi-Year Symmetrical Triangle
The triangle, which formed after XRP collapsed from the $3.31 all-time high in January 2018, has posed resistance to greater heights and presented a defense against steeper drops. As a result, the chart data shows that XRP has been recording lower highs and higher lows since January 2018.
Notably, a symmetrical triangle typically comes up at a time when the market is indecisive, leading to extended consolidations. These triangles often come before breakouts, but the breakout could lead to an upward spike or a downward spiral.
Interestingly, at its current trading level, XRP tilts toward the lower trendline, recently retesting the trendline upon the collapse to $0.4235 in early April. Despite recovering from this floor, XRP trades at the lower end of the symmetrical triangle. However, DustyBC believes a breakout to the upside is more likely.
IF THIS HAPPENS FOR $XRP I'M QUITTING EVERYTHING! pic.twitter.com/3EvlJZ7TIE
— DustyBC Crypto (@TheDustyBC) June 2, 2024
XRP God Candle Could Take Prices to $30
XRP would likely breach the upper trendline at the $0.75 level. DustyBC expects the breakout to culminate in the formation of a weekly God candle. XRP witnessed one of these candles from late March to early April 2021. This God candle led to a 112% weekly spike for XRP, as it surged from $0.6354 to $1.3506.
DustyBC sees the projected God candle, which results in a spike of 4,000%. From the projected breakout price of $0.75, a 4,000% increase would lead to a new all-time high at $30.75. Such a price could catapult XRP’s market cap to $1.7 trillion, supposing its circulating supply remains stable.
Meanwhile, amid a mild 1.2% rise to the current price of $0.5222, XRP witnesses a trend of increased volume and a surge in exchange withdrawals, per Coinglass data. While the combined spot volume on leading exchanges Binance, Bybit, Coinbase, and OKX has increased to $191 million in the last 24 hours, investors have pulled out $6.7 million from these exchanges.
This convergence of increased volume and reduced exchange reserve leads to a drop in selling pressure. The bulls would look to leverage the positive sentiment for a push toward the early May highs at $0.57. Breaching this level could set the stage for a rally toward $0.60, as XRP sets on a path to break above the triangle.