Given the recent market volatility, major cryptocurrencies such as XRP have seen a wave of optimism among investors and traders as several crypto analysts continue to make bold predictions regarding the altcoin.
Even though XRP has not seen a massive surge since rallying to its current all-time high in 2017, these analysts are confident that a similar development could take place in the current bull cycle.
Is XRP about to reach a new all-time high?
In a bold forecastWell-known crypto expert and trader Xaif, who covers the current price action of XRP, has claimed that the crypto asset is preparing for a possible significant breakout, indicating renewed strength for an upcoming major rally. Xaif made the bold prediction after spotting a bullish symmetrical triangle pattern on the Altcoin‘s chart in weekly time frame.
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This pattern is particularly formed when an ascending line connecting the lows and a descending line connecting the highs converge. They also indicate a period of consolidation before a possible breakout to the upside or downside.
In this scenario, however, the crypto expert has identified an impending massive breakout for XRP upwards, indicating a possible strong pull for the digital asset in the coming days. Analyzing the extent of the breakout, Xaif set his next price target for XRP at the crucial $150 mark in the next 6 months.
Xaif’s prediction seems to have caused quite a stir in the community, with crypto enthusiasts expressing their strong displeasure with the analyst’s bold forecast. Although crypto assets are naturally subject to severe price fluctuations, these enthusiasts have criticized the analyst for his claims, which they believe negatively impact the community.
Despite the community harshly criticizing his prediction, Xaif stands by his opinion, pointing out that the token has real utility and that the ability to transact with XRP worldwide will accelerate this massive rise to the $150 mark and even higher.
But Xaif, in another posthighlighted that XRP is stabilizing with a rising trend line between the support area of $0.5650 and the resistance level of $0.6450. A drop below $0.5650 or the trend line may indicate a negative trend, while a outbreak above $0.6450 would suggest an upside move.
The altcoin must break through important resistance levels
Whether a rise to the $150 mark is imminent, XRP is poised for a bullish breakout. Another crypto analyst, Fiatleakhas an outbreak for Altcoin short term.
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According to Fiatleak, the altcoin has shown strong signs of recovery over the past two days, due to growing market optimism and recent encouraging developments at the U.S. Securities and Exchange Commission (SEC). Legal dispute with the financial giant Ripple.
During this time, the token fluctuated between $0.57 and $0.65, according to analysts, and other experts believe that if XRP sees significant Resistance levelsit could reach new all-time highs.
Featured image from Adobe Stock, chart from Tradingview.com
