The recent court win for Ripple may cause the price of XRP to go through the roof as people who like it it. A well-known crypto analyst named Jaydee believes that XRP will gain value and that it could hit $7.5, which is 1,400% more than its current price of $0.4873.
Jaydee shared this hopeful thought on the social networking site X. He pointed out that the XRP/USD price chart every two weeks shows a six-year trendline that is almost over. Since 2017, when it hit a high point of $3.40, XRP has been moving south along this trendline. Something is about to break out because it looks like it is coming together at a top.
XRP Breaking $1 Barrier
Jaydee says that the long period of time when XRP has been selling below $1 may soon come to an end. There has been a line of resistance around $1.90 and a line of support above $0.14 that have held the coin in place. Recent price changes, on the other hand, show that the six-year downturn is getting tighter. This means that there is less room for price changes and more opportunities for an upward breakout.
The analyst made the guess by looking at past price trends and using a non-logarithmic price scale in technical analysis. Jaydee compares this to a pattern that happened between 2013 and 2017 and a five-year downward triangle breakout that led to a 600-fold rise that peaked at $3.40.
Jaydee also said that traders with “dumb money” might miss this surge, which is why it’s so important to plan how to take gains. “We’re going to make sure we make money on dumb money!” “For most, it will be a FUN but VERY SAD cycle,” he stated.
It might look like the projected 1,400% rise is too good to be true, but as XRP gets closer to its possible breakout, it will be important to keep an eye on key resistance levels at $0.54, $0.63, and $0.8. Again, it’s not clear if XRP can repeat its huge gains from the beginning of the year. However, the next few weeks could be very important for the future of the cryptocurrency.
