A popular cryptocurrency analyst has recently predicted that the price of the native token of the XRP Ledger, $XRP, could soon see a significant surge, based on an ascending triangle that is forming on the cryptocurrency’s six-month chart, which indicates a possible 430.6% price increase that could see it rally to $3.74.
An ascending triangle, it’s worth noting, is a type of chart pattern that technical analysts use to predict price movements. It consists of a horizontal line that connects the high points of the price and a rising line that connects the low points of the price. The two lines form a triangle shape that is used to look for price breakouts, either up or down.
Ascending triangles are usually seen as continuation patterns, meaning that they indicate that the price will continue in the same direction as the trend before the triangle was formed.
The analyst, CoinKid, interpreted the triangle suggesting that XRP could keep on surging, capitalizing on a recent ruling that saw a federal judge deem XRP is not necessarily a security.
The analyst also underscored the presence of a potential double bottom on the six-month chart, further strengthening the bullish case. A double bottom pattern often signifies a bullish reversal, suggesting that XRP might have hit a solid support level, paving the way for an upward trend.
While the analysis sees the price of XRP initially jump to $0.827, the price prediction sees the cryptocurrency jump to $3.74 well into 2025. The analysis has seen mixed reaction from the XRP community.
As CryptoGlobe reported, cryptocurrency investment products investing in XRP and Cardano ($ADA) have been attracting significant inflows, with institutional investors seemingly preferring altcoins over the past week, with the exception of Ethereum.
Funds investing in Cardano, Solana ($SOL), and XRP have seen significant inflows, raking in $640,000, $600,000, and $500,000 from investors last week. In contrast, Ethereum-focused funds saw $1.9 million in outflows, while Avalanche ($AVAX) investment funds saw $400,000 in outflows.
Featured image via Unsplash.
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