Analyst Predicts Massive XRP Price Breakout Despite Recent Market Challenges
An analysis suggests XRP could see a significant breakout from a multi-year triangle pattern. Ripple’s blockchain solutions are aiding SMEs in overcoming traditional cross-border transaction challenges. Despite its comparatively disappointing performance in recent weeks, popular crypto analyst Levi has expressed optimism for Ripple’s XRP token. At the time of writing, XRP is trading around $0.5536, [...]
- An analysis suggests XRP could see a significant breakout from a multi-year triangle pattern.
- Ripple’s blockchain solutions are aiding SMEs in overcoming traditional cross-border transaction challenges.
Despite its comparatively disappointing performance in recent weeks, popular crypto analyst Levi has expressed optimism for Ripple’s XRP token. At the time of writing, XRP is trading around $0.5536, down 0.43% over the last 24 hours and 6.41% over the previous seven days.
This drop has pushed the token farther away from the crucial $0.60 level, which it had already crossed and established as a support.
Bold XRP Prediction Sparks Mixed Reactions
Levi analysis, like that of other analysts, shows the possibility for a big breakout in the price of XRP from a long-standing multi-year triangle pattern.
The $XRP bullrun begins!
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if your ready. pic.twitter.com/OX5IPP5nM9
— Levi | Crypto Crusaders (@LeviRietveld) September 1, 2024
Historically, if this triangle pattern is successfully breached, XRP might soar to $250. However, rather than relying exclusively on technical analysis, fundamental variables will play an essential role in this bullish forecast.
Levi’s analysis has elicited conflicting reactions from users on X (previously Twitter), with some expressing enthusiasm and others dismissing it as a joke.
On the other hand, as the settlement between Ripple and the SEC nears, CNF previously revealed that Whale Alert has identified a big XRP transfer, fueling speculation among its followers. This transfer involves 54.34 million XRP tokens, worth more than $30.6 million.
Recently, as we previously reported, Ripple is delivering blockchain-based payment solutions to local banks, solving the issues that small and medium-sized enterprises (SMEs) encounter while conducting traditional cross-border transactions.
With a 50% growth in SMEs engaging in cross-border transactions, Ripple’s solution is critical for mitigating challenges like high transaction prices and poor processing times.
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