XRP Captain sees a massive rally in the altcoin ahead.
The analyst explained why in a recent post on X.
Ripple’s XRP is currently right below its 20-day MA.

XRP Captain – a notable crypto analyst and influencer sees a massive rally in the altcoin ahead even though it has been rather dull in recent weeks.

Why is he super bullish on Ripple’s XRP?

In July, a U.S. judge ruled in favour of Ripple in its lawsuit against the Securities & Exchange Commission (read more) – a huge win that has not been material in terms of price appreciation at least so far.

Still, XRP Captain is convinced that the altcoin could be worth as much as $130 by the end of 2024. Pointing to a symmetrical triangle pattern on its chart, the analyst recently wrote on X (formerly known as Twitter):

Can you imagine the magnitude when this breakout happens? I won’t be surprised if XRP hits $100 to $130 in next bull run.

XRP could soon break above its 20-day MA

Note that XRP broke out of an identical symmetrical triangle pattern in 2017 – the year in which it eventually printed an all-time high.

The altcoin is currently trading right below its 20-day MA at about $0.51. Breaking above that moving average may also deliver a near-term bullish signal and see capital flowing into the cryptocurrency.

The last time it reclaimed its 20- and 50-day MAs was in 2017 which, again, was a very strong year for XRP overall. SBI Remit also recently announced plans of expanding in South East Asia in collaboration with Ripple (find out more).

The post XRP may be headed for $130 – analyst says appeared first on CoinJournal.

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Filed under: Bitcoin - @ September 10, 2023 7:37 pm