Analysts: XRP breakout to 4.40 USD only a matter of time

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Ripple’s XRP token is once again attracting attention thanks to impressive price movements. Despite a recent correction, analysts remain optimistic and predict a possible rise to 4.40 USD.

Bullish pennants indicate new breakthrough

XRP recently formed three consecutive bullish pennants – continuation patterns that often indicate further price increases.

The first pennant pattern was formed after a rally from 0.80 to 1.20 USD, followed by a brief consolidation and a new breakout. Then, the second pennant formed after a similar rise from 1.20 to 1.80 USD. The most recent pennant was formed after a price move from 1.80 to 2.50 USD.

These consecutive patterns indicate that the uptrend remains strong.

Technical indicators remain positive

In addition to the bullish pennants, other technical signals also point to a strong market position for XRP. The price remains above the 20-day average of the Bollinger Bands, which usually indicates sustained buying pressure.

The Relative Strength Index (RSI) also shows strong upward momentum with a value of 67.33. Although the RSI is close to the “overbought” level, this does not signal an immediate reversal as long as the buying pressure remains.

Comparison with Tesla

Market analyst EGRAG Crypto draws a parallel between XRP and Tesla’s impressive past price trajectory. He predicts that XRP could follow a similar path, starting with a potential 50% drop to 1.30 USD, followed by a spectacular 3,500% rally that could take the price to 45.60 USD by 2027.

This analysis is based on Tesla’s price movements between 2018 and 2021. During this period, Tesla shares fell from 25 to 11.80 USD, only to subsequently rise to 414.50 USD – a growth of over 3,400%. Although EGRAG foresees a similar scenario for XRP, he stresses that the timing and magnitude of such movements always remain uncertain.

XRP Conclusion

XRP is entering an exciting phase where technical signals and ambitious forecasts point to significant opportunities. A breakout to 4.40 USD seems to be only a matter of time according to many analysts, while some have even more ambitious targets in mind for the coming years.

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Margharet Tess

Editor, Developer at Cryptheory Labs

I have been active in the cryptocurrency world for over 6 years, during which I have written countless articles about this sector. What fascinates me most about cryptocurrencies is their technological aspect and the problems they aim to solve. In the past three years, I have ventured into app development and am currently working on a larger project called P2E Buzzer. Stay tuned for the surprise. 🙂 My previous experiences: Business2Community.com, TradingPlatforms.com

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