Steph, a prominent figure in the cryptocurrency trading community, has identified potential indicators on the monthly chart for XRP that suggest the asset may be on the verge of a significant rally. He shared his insights in a recent analysis on X, which included XRP’s historical chart. This chart reveals that since the last substantial price surge, XRP has been characterized by a series of lower highs, resulting in a consolidation phase resembling a symmetrical triangle that has persisted for nearly seven years.
According to Steph, this technical configuration indicates that XRP has arrived at a pivotal juncture, and its next movement could lead to the most significant breakout in its pricing history. However, he refrained from specifying a target price for this anticipated breakout.
XRP chart on Monthly
Steph is not alone in his optimistic assessment; several market analysts have recently pointed to a bullish trend for XRP on the monthly chart. Market watcher Heikin Ashi, for instance, shared a projection suggesting that XRP could potentially break out to achieve an astonishing 700X return, with a price target of approximately $305. He outlines a series of growth stages for XRP, forecasting an initial rise to $1.20. Should this momentum persist, XRP could then climb to $2, followed by further increases to $6 and $20 before ultimately reaching the $305 milestone.
Other analysts have echoed similar bullish sentiments regarding XRP based on various market indicators.
However, despite these optimistic forecasts, many market participants are beginning to lose faith in such bullish predictions as XRP’s price action has been disappointing for investors. One user on X expressed their frustration with the continuous cycle of predictions, questioning, “How is it that every week for years, people have been saying this and still think it’s gonna happen?”
Following the conclusion of Ripple’s legal battles with the SEC last week, some analysts speculated that XRP might harness the momentum from this event to trigger the long-anticipated upward trend. Yet, that surge has yet to materialize. Although XRP briefly touched $0.64 in the wake of the news, it is currently priced at $0.5625.
User Robert Ferreira responded to Steph’s analysis by highlighting that even with legal clarity and favorable outcomes, XRP’s price has not shown any substantial movement. He pointed out that despite being one of the most hyped cryptocurrencies in history, XRP remains significantly below its all-time high, stating, “It’s a big fat, nothing burger. Read the charts any way you want.”
Despite the prevailing sense of pessimism, dedicated XRP supporters continue to hold onto their optimistic outlook regarding the asset’s future.
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