Renowned market analyst and popular crypto YouTuber DustyBC has made a bold prediction for XRP, suggesting that the digital asset could experience a significant surge of 4,000% to reach $30. DustyBC believes that this surge will be triggered by the emergence of a “God candle” on the weekly timeframe, as XRP continues its battle with the $0.52 price level. DustyBC’s analysis reveals that XRP has been trading within a symmetrical triangle on the weekly chart since its collapse from the all-time high of $3.31 in January 2018.
Symmetrical triangles typically occur during periods of market indecision and often result in extended consolidations. They are usually followed by breakouts, which can lead to either an upward spike or a downward spiral. Currently, XRP is trading near the lower trendline of the symmetrical triangle, having recently retested it after collapsing to $0.4235 in early April. Despite recovering from this low, XRP remains at the lower end of the triangle. However, DustyBC anticipates an upside breakout.
DustyBC predicts that XRP will surpass the upper trendline at the $0.75 level, leading to the formation of a weekly God candle. In late March to early April 2021, XRP experienced a similar God candle, resulting in a 112% weekly spike. DustyBC expects the projected God candle to trigger a 4,000% increase in XRP’s price, with a breakout at $0.75 potentially taking it to a new all-time high of $30.75. This surge could potentially raise XRP’s market cap to $1.7 trillion, assuming its circulating supply remains stable.
Currently, XRP is witnessing increased volume and a surge in exchange withdrawals, indicating a decrease in selling pressure. In the last 24 hours, the combined spot volume on major exchanges Binance, Bybit, Coinbase, and OKX has reached $191 million, while investors have withdrawn $6.7 million from these exchanges. This convergence of increased volume and reduced exchange reserves could provide a positive sentiment for XRP. Bulls will be looking to capitalize on this sentiment and push XRP towards the early May highs at $0.57. A breakthrough at this level could pave the way for a rally towards $0.60, as XRP aims to break out of the symmetrical triangle.
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