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\u2019s six-month chart, which indicates a possible 430.6% price increase that could see it rally to $3.74.<\/p>\n
An ascending triangle, it\u2019s 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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
While the analysis sees the price of XRP initially jump to $0.827, the price prediction sees the cryptocurrency jump to $3.74 well into 2025. The analysis has seen mixed reaction from the XRP community.<\/p>\n
As CryptoGlobe reported, cryptocurrency investment products investing in XRP and Cardano ($ADA) have been attracting significant inflows, with institutional investors seemingly preferring altcoins over the past week, with the exception of Ethereum.<\/p>\n
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.<\/p>\n
Featured image via\u00a0Unsplash.<\/p>\n