A popular cryptocurrency analyst has recently urged his followers on the microblogging platform X (formerly known as Twitter) to see XRP price dips as “buying opportunities,” provided the cryptocurrency keeps trading within a specific symmetrical triangle pattern, based on their projection of the cryptocurrency will surge to $22.
According to a post on X from cryptocurrency analyst EGRAG Crypto shared with their over 45,000 followers on the microblogging platform, the analyst sees the price of XRP swing upward to $22.38 in the near future.
The symmetrical triangle pattern was formed back in 2017, and the price of the cryptocurrency has seen a series of higher and lower prices, with a potential bull run being suggested if XRP breaks the pattern with an upward movement.
EGRAG suggests two possible future paths for XRP, illustrated by green and blue lines on his chart, indicating that the cryptocurrency’s next move could either follow a drop from the $0.59 mark in early 2024 or continue its upward trajectory.
According to the analysis, if XRP keeps up its upward momentum into early 2024, it is expected to take the blue path, aiming for a peak of $6.41. Conversely, a decline early in the year could set it on a path to a remarkable recovery, leading to a potential high of $22.
Notably, large XRP token holders have been accumulating the native token of the XRP Ledger to the point they now control 67.2% of the cryptocurrency’s circulating supply, the largest amount since December 31, 2022.
Another analyst has recently pointed out that XRP is “breaking down on this 3-year consolidation pattern,” in a price drop that occurred shortly after Ripple Chairman Chris Larsen confirmed that over $120 million worth of the cryptocurrency were taken from “a few” of his personal XRP accounts.
Notably, the XRP Ledger has also recently approved the launch of a built-in automated market maker (AMM) trading platform into the ledger, allowing $XRP token holders to earn income on-chain.
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