With the XRP price now building significant momentum, a crypto analyst has projected that the top altcoin is set to rally to a higher target of $38. The analyst reveals that the price action combined with key bullish technical indicators support this optimistic outlook.
Analyst Projects The Altcoin’s Price Massive Surge to $38
X (formerly Twitter) crypto expert Gert van Lagen has projected that the XRP price is gearing up for an explosive increase to $38. While the analyst’s forecast may appear ambitious considering the altcoin is trading under $3, he backs it up with key indicators that strongly validate and reinforce this outlook.
Lagen shared a 2-week technical analysis chart of the asset’s price action over the years, highlighting a Double Bottom and Ascending Triangle pattern — both strong bullish indicators.
XRP’s price formed a 7-year-old Double Bottom Double Bottom from 2014 to 2020. This pattern is a typical bullish reversal signal that indicates a shift from a downtrend to an uptrend. At the time, the cryptocurrency broke above the neckline of the Double Bottom, triggering a massive rally to $0.28 and $2.5, marked by “1” and ”2”, respectively, on the chart.
Moving forward, the price has been forming an Ascending Triangle — a bullish continuation pattern characterized by a flat upper trendline and a rising lower trendline. The appearance of this technical indicator suggests a potential breakout in a cryptocurrency or the continuation of an uptrend.
Lagen’s XRP price chart shows that the cryptocurrency recently broke above a crucial resistance, marked by the black horizontal line, confirming a bullish breakout. Considering the previous Double Bottom breakout led to an explosive price increase in 2017 and 2018, the analyst expects a similar or even greater rally to occur, with his ultimate target set at $38.
XRP’s previous rally, though less significant, exceeded its parabolic target by 2x. As a result, the analyst considers his $38 price projection for the cryptocurrency to be quite conservative. Despite this optimistic forecast, the altcoin continues to trade below all-time highs, steadily approaching its previous high around $3 as positive market sentiment drives gains.
XRP Community Sparks Bullish Frenzy On X
The XRP community has been in a frenzy lately after the official conclusion of Ripple’s five-year legal battle with the United States Securities and Exchange Commission (SEC). All over the X social media platform, mentions of XRP’s achievement spread, with many analysts projecting significant price increases in the coming weeks.
With positive sentiment running high and the once-crippling legal case now settled, the altcoin could reclaim its former glory with sharp price jumps and a growing market capitalization, much like before the SEC’s lawsuit. Notably, an X crypto analyst identified as ‘Random Crypto Pal’ has declared that with the conclusion of the Ripple and SEC lawsuit, XRP no longer has market cap limits. He further predicts that the cryptocurrency could surge to an ambitious target of $10,000.
Featured image from Adobe Stock, chart from Tradingview.com
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