The post Here Are Possible XRP Targets appeared on BitcoinEthereumNews.com.

The XRP chart against Bitcoin suggests a potential major squeeze is on the horizon, and crypto analyst MichaelXBT has pointed this out in his recent analysis.  Notably, in an accompanying chart, the market watcher drew out several significant patterns such as converging trend lines and wedge formations that XRP has formed against Bitcoin on the 4h timeframe. These patterns signal that XRP is near a moment of volatility. MichaelXBT identified a series of descending triangles combined with symmetrical triangles that have formed since mid-July. The larger symmetrical triangle began when XRP recorded an impressive push against Bitcoin from July 10. XRPBTC 4H Chart | MichaelXBT Remarkably, the altcoin spiked 28% from 0.00000752 BTC to a peak of 0.00000962 within three days. Since then, XRP has been slowly recovering its lost grounds against BTC despite a slowdown in the upsurge. This has resulted in the formation of the upward symmetrical triangle. Notably, the emerging trend lines indicate that XRP has been steadily testing resistance points while maintaining a long-term upward support trend. The analyst points to this as evidence of bullish sentiment brewing beneath the surface.  Meanwhile, the market has remained relatively flat in terms of volume and volatility due to trader apathy amid uncertainty. However, the converging patterns on MichaelXBT’s chart signal the possibility of a big move ahead, with price action compressing into a narrow range.  The analyst believes that these trends suggest that the “squeeze” is about to occur, leading to the possibility of a large price movement that could happen shortly once one of the key levels is broken. However, he failed to provide any price targets.  Possible XRP Targets Meanwhile, MichaelXBT has been vocal about his bullish stance on XRP in the past few weeks. According to his earlier statements, his primary target for XRP is…

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Filed under: News - @ September 10, 2024 8:20 am