XRP price has seen some level of recovery over the past couple of days, leading to a return of positive sentiment towards Latocin. This continued with the expectation that prices will continue to rise. One crypto analyst in particular, called RLinda, revealed why the cryptocurrency is expected to rise by 70%.
XRP price completes false breakdown
In the analysis which was job On the TradingView website, crypto analyst RLinda outlined a number of reasons why the price of XRP could be preparing for a rise. One of these reasons is the fact that the altcoin performed a false breakdown.
This refers to the price crash that caused the price to drop from $0.7 to $0.42, recording a drop of almost 50%. However, the crypto analyst believes that this crash was bullish for the coin as it was essentially a false breakdown, followed by a breakout.
In scenarios like this, XRP price could head towards a breakout-like breakout and possible recovery between August and November 2023. Such a case could see the price increase by 50% with an upper end of 70% .
Source: Tradingview.com
Additionally, XRP price is also in long-term consolidation, another factor that could contribute to this breakout. “XRPUSDT forms a false technical breakout of support, in the long term a consolidation above the zone is expected to be formed with the aim of further growth, the potential of which can be opened by 50-70%,” said the analyst.
The State of XRP
XRP already saw investors return once the worst of the crash became clear. Crypto whales, in particular, made their bets, moving 600 million XRP tokens. As NewsBTC reported, whales holding between 10 and 100 million XRP increased their holdings by 30 million in just one week. But what's even more interesting is that they reached 600 million tokens in a span of two weeks.
These moves come ahead of crypto analysts' predictions of a major rise for the cryptocurrency. One of them is crypto analyst Egrag Crypto, who predicted that the price of XRP is about to reach $1.4. This would mean a price increase of over 100%.
However, XRP hasn't exactly been the market favorite lately. Its daily trading volume has seen a notable decline, with Coinmarketcap reporting a 20% drop to $1.33 billion in the last day. Nonetheless, the altcoin remains the 7th largest in the space, with a market capitalization of $30.3 billion.
XRP struggles above $0.5 | Source: XRPUSDT on Tradingview.com
Featured image from Coinpedia, chart from Tradingview.com
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