Cryptocurrency experts suggest that XRP is on the verge of a significant breakout following nearly two weeks of price consolidation. However, market analysts emphasize that the digital asset is likely waiting for impactful news to trigger this movement.
Vincent Van Code, a software engineer and prominent figure in the crypto community, has highlighted an ascending triangle pattern on XRP’s daily chart, which traditionally indicates a bullish trend.
He believes that the lack of major news has kept the token trading within a narrow range, a condition often observed when markets are in a holding pattern. While the token has exhibited price fluctuations between 10% and 20%, Van Code predicts a decisive rally will occur once the price breaks through $2.90.
Key Developments Driving Anticipation
The community closely monitors several anticipated events that could catalyze a price surge. Among the most notable is the imminent launch of Ripple’s stablecoin, RLUSD.
Ripple recently secured regulatory approval from the New York Department of Financial Services (NYDFS) to list RLUSD, marking a significant milestone for the company. Ripple’s CEO, Brad Garlinghouse, confirmed that RLUSD will soon be available on partner exchanges, with an announcement expected in the coming days.
Other potential drivers include XRP-based exchange-traded funds (ETFs) and the resolution of Ripple’s ongoing legal dispute.
However, these developments are not expected until 2025, making the RLUSD launch the most immediate and impactful event in the short term. At the time of writing, the token is trading at $2.42, reflecting a 2.14 % decline in the past 24 hours.
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XRP Price Targets and Technical Insights
Analysts have identified several key price levels that XRP could achieve. Vincent Van Code maintains that surpassing $2.90 is critical for initiating a rally, while other experts provide additional insights into potential price targets.
Arjantit, a technical analyst, has observed a bullish flag formation on XRP’s 8-hour chart, indicating a strong likelihood of upward momentum. He suggests that breaking above this pattern could push the price to $2.91, with $3.20 being the next target. Arjantit advises traders to look for confirmation of this setup before making decisions.
Similarly, another analyst known as FinanceBro has expressed optimism about the token’s potential surge. He asserts that the bull flag pattern has fully developed, paving the way for a rally that could reach $4.40. FinanceBro also speculates that $4.40 might only be an intermediate target, with the possibility of even greater gains in the longer term.
As XRP trades within a narrow range, the market eagerly anticipates news that could catalyze a breakout. The expected launch of Ripple’s RLUSD stablecoin stands out as the most immediate trigger, with analysts forecasting significant price gains once critical resistance levels are breached.
If these predictions hold, the asset’s price could exceed $2.90 and continue its uptrend toward $3.20 and $4.40, offering promising prospects for investors and traders.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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