In the past 24 hours, XRP’s price has barely shifted, experiencing a minor 0.5% decline. Despite this, one analyst suggests that this slow movement could be a precursor to a significant parabolic breakout that may be only “days” away.
XRP has mostly moved sideways throughout the month, largely impacted by the ongoing Ripple-SEC lawsuit. While other altcoins have surged since last Friday, XRP’s performance has been modest, gaining just 2.36%.
This sluggish price action has led to decreased investor interest, with XRP’s trading volume falling by 14.27% to $1.19 billion. However, prominent trader Egrag Crypto has identified technical signals that point to a possible bullish breakout.
XRP’s Technical Outlook: A Potential All-Time High?
Egrag Crypto’s bullish outlook is based on XRP nearing the end of a 4-year symmetrical triangle pattern, which could lead to a major breakout.
Although the analyst acknowledges that XRP could remain within this pattern for up to 70 more days, they confidently predict that the breakout could occur sooner—within the next 15 to 30 days.
According to their analysis, the breakout target is set between $0.61 and $0.62. This is supported by several technical indicators turning bullish, further solidifying the potential for an upward move.
One of the key indicators is the MACD crossover, which has historically led to significant price increases. Additionally, XRP has managed to hold support at the 200EMA, although it still faces resistance at $0.55.
Overcoming Key Resistance Levels for Sustained Growth
XRP’s next major hurdle is the $0.55 resistance level, which has acted as a barrier throughout the month. If XRP can break past this level and retake the 200SMA, it would pave the way for a more prolonged uptrend.
Should a successful breakout occur, the analyst projects a price target of $7.50, potentially marking a new all-time high for XRP.
Exploring New Opportunities: Low-Cap Gems with High Potential
While XRP’s potential rally to $7.50 is exciting, emerging low-cap cryptocurrencies offer even more substantial growth prospects.
With the “meme coin supercycle” gaining momentum, coins like $GOAT and $SPX have quickly risen in popularity. Savvy investors may want to diversify into promising low-cap meme coins, such as FreeDum Fighters ($DUM).
FreeDum Fighters: A Meme Coin with Exponential Growth Potential
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