- One analyst has predicted that Ripple’s XRP could spike by November to hit new heights and set a new all-time high record.
- He pointed to the token’s triangular trading pattern, which has been running for over two years and will end in the next six months.
XRP has been trading in a pattern that will come to an end within the next six months, setting the crypto up for massive gains, says one crypto analyst.
XRP trades at $0.5357, trading sideways over the past day, where it set an intra-day high of $0.5422 but was unable to maintain these gains and eventually dipped. The crypto has lost a third of its trading volume in the past day, which is not uncommon over the weekend.
Over the past week, XRP has remained relatively stable, gaining 3.6%, marked by short-lived spikes that the market could not maintain. XRP failed to keep up with some of its peers, which had an outstanding week, including Ether, which gained 22.6%, and Uniswap, which surged 48% as it pushed back against Gary Gensler’s charges, as Crypto News Flash reported.
XRP has performed poorly this year, losing 13.3% since the turn of the year, making it the worst performer among the top ten cryptos.
However, according to one analyst, the token’s fortunes might change drastically later this year.
XRP to Skyrocket
The analyst, known to his followers as JT, noted that XRP has been stuck in one of the longest-running triangular trading patterns in crypto. This pattern has existed since mid-2021, when the token was trading at $1.96. Since then, it has dipped and bottomed at $0.287 in mid-2022 on the back of Terra’s LUNA and UST implosion, which dealt a big blow to every crypto.
It has been on recovery since hitting that bottom, and while it has gained considerably over the past two years, it has been caught up in this pattern. As with any other triangular pattern, the upper and lower trendlines have been trading closer every month and look set to converge in November this year, as shown below.
“Love it or hate it, something BIG is going to happen with XRP before November,” the analyst stated.
Commenting on the token’s volatility as it edges closer to the summit of the pattern, the analyst stated:
The closer it gets to it, the more compressed the moves become, once it escapes it the more violent the move. The direction is based on which way the price breaks. If it breaks lower, it drops like a stone. If it breaks higher, I’ll see you on the moon.
A key factor that will determine the token’s price in November is the SEC’s lawsuit against Ripple. The legal battle has been edging closer to a conclusion, and should it conclude positively for the company by November, XRP could spike to new all-time highs.
