according to crypto analyst JD, who pointed out an imminent break above a 6-year permanent trend line, #XRP may be preparing for a huge rise of 5,130% to $ 27.
JD made this prediction in a recent analysis. He noted that XRP has retested and bounced from a certain 2-year trend line. According to him, confirmation of a break above another 6-year trend line could see the XRP rise to $27.
The data in his weekly chart adds more context to the post. In particular, XRP is grappling with three multi-year trend lines, two of which (the lower and upper) gradually merge over several years to form a symmetrical triangle.
Two Original Trend Lines
The low trend line appeared in March 2017, when the XRP reached $0.0787 before a significant decline, coinciding with an RSI of 48.59. This low trend line has been trending upward since then and has been providing steady support to XRP for about seven years.
The top trend line appeared after the XRP rose to $3.3 ATH in January 2018. The trend line formed in the middle of the correction that followed the collapse of XRP. This trend line has been putting downward pressure on XRP's attempts to reach new heights for about six years.
The original upper and lower trend lines have been approaching each other since their formation. As a result of this convergence, trend lines now form a multi-year symmetrical triangle.
The Third Trend Line
Interestingly, a third trend line has emerged as a branch of the primary upper trend line, which appeared when XRP rose to $ 1.9 in April 2021. This rally briefly retested the original top trend line, but encountered resistance and formed the third top trend line.
This third trend line has been continuing for the last two years, located inside the symmetrical triangle formed by the original two trend lines.
XRP has breached the third top trend line, encouraged by the rise to $ 0.93 in July. Despite this peak, the weekly RSI continued its decline, reflecting the value of 48.59 observed in March 2017.
XRP has entered the correction phase after the rise to $0.93 and is currently revisiting the third trend line, while remaining within the boundaries of the two original converging trend lines.
XRP Can Reach $24
JD's analysis offers a two-stage view for XRP. Initially, JD predicts further declines for XRP, potentially retesting the boundaries of the original 7-year low trend line during this correction.
However, the analyst expects a significant rise for XRP after this retest, and the ultimate goal is to cross the original 6-year upper trend line and reach an impressive $ 24.
XRP is trading at $0.5162 at the time of writing, reflecting a 1.49% increase in the last 24 hours. Achieving the projected $24 target will require a staggering 5,130% increase from the current trading price.
