Amid recent market volatility, major cryptocurrencies like XRP have seen a wave of optimism among investors and traders as several crypto analysts continue to offer bold predictions regarding the altcoin.
Even though XRP has not been able to witness a massive surge since its rally to its current all-time high in 2017, these analysts are confident that a similar move could take place in the ongoing bull cycle.
Is XRP On The Brink Of Hitting A New All-Time High?
In an audacious prediction, well-known crypto expert and trader, Xaif, delving into the current price action of XRP, has claimed that the crypto asset is preparing for a possible significant breakout, suggesting renewed strength for a major rally ahead. Xaif made the bold prediction after citing a bullish Symmetrical Triangle pattern on the altcoin‘s chart in the weekly timeframe.
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Specifically, this pattern develops when an ascending line connecting the lows and a descending line connecting the highs converge. Also, they suggest a consolidation phase before a potential breakout on the upside or the downside.
However, in this scenario, the crypto expert has identified an impending massive breakout for XRP on the upside, indicating a possible strong move for the digital asset in the upcoming days. Analyzing the magnitude of the breakout, Xaif has set his next price target for XRP at the pivotal $150 level in the next 6 months.
Xaif’s prediction appears to have caused quite a frenzy in the community as crypto enthusiasts express their strong displeasure with the analyst’s bold forecast. Despite the nature of crypto assets to undergo wild price swings, these enthusiasts have criticized the analyst for his claims believed to impact the community negatively.
While the community has slammed his projection, Xaif remains firm, noting that the token is a real-life utility and that the possibility of XRP handling transactions globally will catalyze this massive rally to the $150 threshold and even higher.
However, Xaif, in another post, highlighted that XRP is stabilizing with a rising trendline between the $0,5650 support range and the $0.6450 resistance level. Meanwhile, a decline below $0.5650 or the trendline may indicate a negative trend, while a breakout above $0.6450 would suggest a bullish move.
The Altcoin Needs To Break Through Key Resistance Levels
Whether a move to the $150 level looms, XRP is poised for a bullish breakout. Another crypto analyst, Fiatleak, has forecasted a breakout for altcoin in the short term.
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According to Fiatleak, the altcoin has been displaying strong signs of an upsurge for the past 2 days, due to growing market optimism and recent encouraging developments in the US Securities and Exchange Commission’s (SEC) legal battle with financial behemoth, Ripple.
During the period, the analyst stated that the token has been fluctuating between $0.57 and $0.65, and other experts believe that if XRP can overcome significant resistance levels, it may soar to new all-time highs.
Featured image from Adobe Stock, chart from Tradingview.com
