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It’s a surprising performance for XRP in the crypto market today, alone. Increase of more than 7% During the weekend’s rally led by Bitcoin’s attempt to break through the $65,000 level.
XRP price reached a high of $0.6304 but closed slightly lower at $0.6131. Even the lowest decline in this asset did not deter it from its upward momentum, which is still gaining significant attention.
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Analysts are very optimistic about the future of the altcoin, and estimate that Price increase by 25% In the next three months, prominent analyst Bobby A. believes that the value of XRP could reach $ 33. The reason for this prediction by experts is due to such bullish technical signals and strong market momentum.
According to Bobby A, the formation of this breakout pattern on the monthly chart could be what XRP needs to make a significant price surge once it finally breaks through the current resistance levels.
A high explosive charge ready to detonate. #XRP ⚒️ pic.twitter.com/93zeWYKgSh
— Bobby A (@Bobby_1111888) August 24, 2024
The initial target for the coin is $0.8722, which represents a 45% increase from its current price of $0.6014. Achieving this target would confirm the transition from a long-term bearish trend to an uptrend, paving the way for further gains.
But this major achievement won’t stop Bobby A. from assuming that the cryptocurrency will definitely target higher targets, including $1.34 and $1.72, once it gains momentum.
Short and medium term forecasts
The Bobby A coin outlook is beyond the short term. After the coin breaks the $0.8722 level, it is expected to target the $1.34 and $1.72 levels respectively. Both levels are major resistance areas that XRP needs to break to establish a new uptrend.
But the road to these targets will not be smooth. Several resistance levels have been identified, up to the previous all-time high above $3, which XRP will have to break before reaching these targets.
Adding more positivity to this scene, another crypto analyst named DustyBC pointed out that XRP was forming a symmetrical triangle on its chart. The consolidation pattern would make the upper trendline slant downward and the lower trendline slant upward.
According to DustyBC, if XRP manages to break out of the symmetrical triangle above the upper trendline, it could be interpreted as meaning that the price is about to make a big move higher. This breakout could be necessary to push XRP higher.
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XRP Long Term Forecast
Looking ahead, XRP’s long-term prospects remain good. In another three months, its value could rise by 24.97%, CoinCheckup predicts, driven by technical indicators that reflect strong momentum.
Growth expectations for the next six months are simply explosive, provided they remain at 160% growth, reflecting strong bullish sentiment among traders.
The annual forecast is almost double that number, or 99%. These long-term forecasts pave the way for potential big upside moves for XRP. Looking at the long-term gains, XRP looks like it will be one of the most promising investments with great growth potential.
Recent performance and analysis from key experts offer a promising outlook for XRP. XRP is expected to make some significant progress in the coming months, with bullish sentiment and technical indicators pointing to potential massive gains. Key resistance levels will be important to watch, with potential breakouts to be prepared as XRP advances in the dynamic crypto market.
Featured image by Pexels, chart by TradingView
