Crypto analyst CryptoBull (@CryptoBull2020) predicts that XRP’s price could surge to $8 in the near future, fueled by a notable technical chart pattern. His analysis highlights a rounding bottom formation on the monthly chart of XRP, suggesting an upcoming reversal from its recent decline.
The chart pattern shows XRP’s price consolidating before a strong upward movement. This potential breakout is supported by past market trends and positive momentum indicators.
According to CryptoBull, this bullish signal could lead to a rally of up to $8 within the coming months. XRP’s recent decline has been attributed to market bearish pressure in early August. However, a significant resistance level was maintained above, indicating potential for a breakout.
The analysis further suggests that XRP’s price is supported by its 200-day moving average, which is currently sloping upwards, hinting at continued strength in the asset’s price.
CryptoBull and Times Tabloid have provided further insight into this technical prediction and remain committed to transparency. However, it’s crucial for readers to remember that this article offers analysis based on current market data and shouldn’t be considered financial advice. It’s always recommended to conduct your own research before making investment decisions.