Ripple Poised for Massive Breakout as Analyst Says XRP Market Cap Could Hit $3 Trillion: Here’s Their Outlook
Release: 2024/05/29 14:44 Reading: 274
Ripple (XRP) is on the verge of a potentially massive breakout as the cryptocurrency market anticipates a major move before November. Analysts are closely monitoring XRP’s price action, with some predicting a moonshot to a $3 trillion market capitalization.
The White Channel: XRP’s Path to a $3 Trillion Market Cap
According to analyst EGRAG Crypto, XRP’s market capitalization is currently confined within a formation dubbed “The White Channel.” Once XRP’s market cap blasts out of this channel, the analyst suggests that the cryptocurrency could be headed for a moonshot to a $3 trillion market cap.
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The mid-point of the channel is located at $100 billion, while the high end reaches $287 billion. EGRAG Crypto believes that this is the point where XRP’s market capitalization will propel like a rocket, potentially leading to unprecedented growth for the digital asset.
Approaching the Apex: XRP’s Date with Destiny
JT, another prominent analyst, has highlighted the importance of one of the longest-running triangles in the cryptocurrency market. XRP’s price action has been consolidating within this triangle, and the apex of the formation is set to occur in November.
JT suggests that something big is going to happen with XRP before the apex is reached. If the MACD (Moving Average Convergence Divergence) indicator can turn up, the analyst believes that XRP could experience a powerful breakout, leading to a substantial price increase.
Coiling Tighter: Triangles Within Triangles
CasiTrades has provided an update on XRP’s price action, noting that before a breakout occurs, the market tends to fold in on itself as it approaches the apex of a triangle. This behavior is evident through the formation of triangles within triangles, with multiple degrees closing in on the apex.
The tightening of these formations suggests that XRP is coiling up, building pressure for a potentially explosive move. As the market continues to compress, the likelihood of a breakout increases.
Extremely Low Volatility: A Precursor to Expansion
Analyst Crypto V has shed light on XRP’s 3-week chart, which is providing insights into what may be on the horizon for the digital asset. The chart reveals that the 21-week simple moving average (SMA) is crossing above the 50-week SMA, a bullish signal that often precedes major price movements.
Moreover, Crypto V notes that XRP is currently experiencing extremely low volatility, which is typically a precursor to a period of expansion. As the market continues to compress and volatility remains low, the potential for a substantial breakout grows.
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