XRP, Ripple’s cryptocurrency, is seen by many crypto investors as a gem for the next bull market. This is related to a possible positive outcome of the legal dispute with the American Securities and Exchange Commission (SEC), which has been running since the end of 2020. A well-known crypto analyst expects fireworks for XRP in the coming bull market and is eyeing a price of $25.
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XRP has been forming a triangle pattern since 2017
This concerns the analyst FieryTrading. On December 2, in a post on TradingView, a web-based financial market analysis platform, he shared an interesting pattern on XRP’s weekly chart.
The graphic in question has been reduced in size to reflect price data from 2015 to the present. FieryTrading has drawn a so-called symmetrical triangle pattern that has been in the works since 2017. This pattern is characterized by increasingly lower highs and increasingly higher lows, reflecting increasing consolidation.
Thanks to the dispute with the American regulator, the symmetrical triangle pattern has remained intact in recent years. XRP price has not turned the previous bull market into a new one All-time high elevated..
€23 XRP forecast, realistic?
As XRP slowly but surely approaches the endpoint of the pattern, a major breakout is on the horizon next year, the most likely outcome of which will be a bullish there will be movement. This is related to the respected expectation that the upcoming Bitcoin (BTC) halving, which will take place sometime in April next year, will trigger a new bull market, as in the past.
FieryTrading has set an ambitious target of 25 dollars, the equivalent of 23.17 euros, for XRP. He writes the following:
“My price target for the breakout is $25. That may be too high, but ADA also achieved a top value in the last cycle that was six times higher than the previous one. So why not?”
It’s important to note that this is just one analyst’s view. It is not a given that we are in for a gigantic bull market next year with XRP reaching new heights.
Furthermore, it remains to be seen how exactly the legal dispute with the SEC will turn out. Ripple scored a major victory back in July when the judge ruled that the sale of XRP on exchanges did not fall under securities laws. In any case, the next year will be very important for Ripple and the cryptocurrency associated with it.
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