📈 69% of S&P 500 stocks beating the index - a historic record! Pick the best ones with AI.See top stocks

Analyst Predicts Ripple (XRP) Could Reach $40 Based on Technical Patterns

Published 2024-09-11, 03:30 p/m
Analyst Predicts Ripple (XRP) Could Reach $40 Based on Technical Patterns
XRP/USD
-

The News Crypto -

  • Analyst Steph predicts XRP could reach $40, based on technical patterns.
  • Inverted Head and Shoulders pattern on daily chart suggests $1.11 target.
  • Market sentiment and macroeconomic factors could support XRP’s growth.

Renowned market analyst Steph has ignited discussions in the cryptocurrency community with a bold prediction for Ripple coin’s future price action.

His analysis, shared on social media platform X, suggests that XRP could be on the verge of a significant breakout, potentially reaching as high as $40 in the long term.

Steph’s analysis centers on two key technical formations across different timeframes. On the daily chart, he identifies an inverted Head and Shoulders pattern, a bullish formation that could signal a trend reversal.

The analyst posits that a daily close above the pattern’s neckline, situated around $0.65, would confirm the breakout. With XRP currently trading at $0.538, a successful breach of this level could pave the way for a surge to $1.11, representing a 106.31% increase from current prices.

Can XRP hit the $40 mark?

The monthly chart paints an even more optimistic picture, according to Steph. He observes XRP consolidating within a larger symmetrical triangle, a pattern that, if broken to the upside, could theoretically propel the asset to the $40 mark.

While acknowledging the ambitious nature of this target, representing a staggering 7,334% growth from current levels, Steph advises treating it as a “rough guideline” rather than a certainty.

Steph’s projections, while bullish, are not the most audacious in the XRP analysis sphere. In July, analyst Heikin Ashi proposed an even more dramatic scenario, suggesting XRP could potentially surge 71,061% to reach $305.

Ashi’s analysis drew parallels between current monthly candlestick patterns and those preceding previous periods of explosive growth. However, many in the crypto community view such extreme price targets with skepticism.

Beyond technical indicators, Steph emphasizes the importance of broader market conditions in driving XRP’s potential surge. The current Crypto Fear and Greed Index reading of 33 indicates a state of fear among retail investors, which Steph interprets as a buying opportunity.

He argues that “smart money typically buys into fear,” suggesting that contrarian investors might see current market sentiment as favorable for accumulation.

This content was originally published on The News Crypto

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.