The post XRP 6-Year Trendline Draws To A Close, 1,500% Rally Seen appeared on BitcoinEthereumNews.com.

As the major pieces begin to fall into place, XRP may now be in a position where things are going well for its future price trajectory. While XRP enthusiasts are still reeling in amazement over Ripple’s recent win in court, a crypto analyst has dropped a bullish XRP price prediction that investors can look forward to. According to the analyst known as Jaydee, XRP is getting close to skyrocketing into new price territories. Related Reading Analyst Predicts XRP Rally To $7.5 XRP days of trading less than $1 may be ending very soon, according to a recent price prediction by crypto analyst Jaydee. The analyst made this known while sharing an ultra bullish prediction on social media platform X. According to the XRP/USD bi-weekly price chart shared by the analyst, a six-year trendline is finally drawing to a close. This trendline closure could signal the start of a massive bull run. Interestingly, Jaydee’s technical analysis is based on a non-logarithmic price scale for XRP and a previous occurrence. Despite the price swings in the past six years, XRP has broadly traded within a descending channel since its record peak of $3.40 in 2017. The upper resistance line has capped upside around $1.90, while the lower support line has held above $0.14 during the multi-year bear market. However, recent price action suggests the entire 6-year downtrend is now wedging towards an apex. The contracting range is leaving less and less room for XRP to fluctuate between resistance and support. XRP is now trading at $0.48. Chart: TradingView XRP Set For A Breakout As pointed out by Jaydee, this only suggests XRP is set for a breakout to the upside. Furthermore, the analyst indicated a price target of $7.5 when XRP finally surges. With XRP currently trading at $0.4873, this price target…

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Filed under: News - @ June 23, 2024 1:14 pm