Analyst Steph Is Crypto shares observations on the price movement of the cryptocurrency XRP, pointing toward a potential path to a new all-time high.
XRP Price Movement Chart
The chart of XRP's price shows two forming patterns known as double bottoms. The first developed from April to July, culminating in a sharp rise of 91.88% from the breakout level, after which XRP reached an all-time high of $3.65. However, the asset faced market pressure and entered a corrective phase that began in early August.
Future Target Level of XRP
According to classical technical analysis, a double bottom signals a reversal when the price prints two comparable lows. Steph Is Crypto suggests that the current structure could replicate the movement from the previous high. By applying the 91.88% surge to the current market context, he anticipates XRP will reach $5.3543. This expectation is bolstered by the recurring pattern and sound technical analysis.
Key Takeaways for XRP
The chart indicates a clear path toward a new all-time high for XRP. Confirmation would require a decisive push above the previous high with significant participation from buyers, while failure would involve losing recent lows that define the formation. Other analysts have noted that the cryptocurrency needs to overcome the previous high of $3.65 before aiming for double-digit prices.
The current analysis of XRP suggests a strong possibility of achieving a new all-time high; however, uncertainties and risks in the market must be considered.
