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XRP’s macro perspective remains optimistic, with technical scenarios that project a cycle greater than $ 20, according to an analyst.
The XRP symmetrical triangle indicates a possible bullish outbreak pointing at $ 4.
The price of XRP (XRP) fell 22% to $ 2.72 of its maximum of several years of $ 3.66 reached on July 18, before recovering at the current levels of around $ 3.
Has the popular Altcoin finally overcome, or is there a stronger rally in the cards?
XRP macro outlook still “bullish”
The XRP price action reveals a consolidation within a symmetrical triangle in the daily table, suggesting that the Altcoin may be preparing another upward impulse, according to the XForcegal analyst.
The XRP price in “$ 20 remains the objective of the main cycle”, the pseudonym analyst saying In an X post on Wednesday.
Related: XRP 30% Open interest drop can open a purchase zone below $ 2.50
Although the price still faces a strong resistance around the psychological level of $ 4, “this does not alter the general perspective of the macro,” said the analyst, added that XRP could now follow two possible scenarios.
In the first scenario, the recent setback is similar to that seen in past cycles, where the price falls to create new distribution levels before a large break.
In an accompanying video, XFORCEGLOBAL saying That after a setback of almost 50% from the maximum of January 16 to $ 3.40, the price was recovered to re -test the level with the recent period prior to $ 3.66.
As such, the last reduction is another distribution period, before making “one of the strongest movements up,” added the analyst.
In the second scenario, the XRP distribution will continue to complete the flat period between waves 1 and 2, before making that “massive” wave 3 upwards.
“Essentially, we have two scenarios, in my opinion, that they have the most likely
“There are simply no signs that support a sale of greater sale in the inconvenience.”
The objective for the XRP price is between $ 19 and $ 30 depending on both scenarios, as shown in the previous tables.
XRP Symmetric triangle rupture objectives $ 4
Currently, XRP Price is quoted within a symmetrical triangle in the daily candle table, data from Co -Intelegraph Markets Pro and Commercial view shows
The price needs to produce a daily candlestick near the upper limit of the triangle to $ 3 to confirm a bull break. Above that, the following important resistance is the maximum of eight years to $ 3.66, which bulls must overcome to continue the ascending trajectory.
The measured target of the triangle is $ 4, or an increase of 34% of the current levels.
The interpretation of the symmetrical triangle “makes sense when you look at the general panorama of XRP”, saying The veteran merchant Matthew Dixon in an X post on Tuesday.
A companion table suggested that the consolidation within the triangle was part of a distribution phase between waves 3 and 4 before a larger 5 wave moves around $ 4.
As Cointelegraph reported, multiple technical graphics point to a potential XRP break in the short -term XRP with objectives between $ 4.40 and $ 6.
This article does not contain advice or investment recommendations. Each investment and trade movement implies risk, and readers must carry out their own investigation by making a decision.
