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Amidst the highly anticipated Ripple Swell conference in Dubai, set to shed light on the company’s expansion into the Middle East and North Africa (MENA) region, XRP’s price is slowly approaching a significant breakout point.
According to the latest data from the crypto market, XRP, backed by Ripple Labs, has gained approximately 20 percent in the past five days, currently trading around $0.693 during the early London session. Ripple’s growing presence in various cross-border markets worldwide has instilled trust in XRP as an investment with a finite supply.
Is a Parabolic Rally to $14 in XRP’s Future?
A well-known XRP crypto trader, going by the alias Cryptoinsightuk on the X platform, suggests that XRP investors can anticipate a parabolic rally shortly driven by increased demand. The crypto analyst sets an XRP price target ranging from $10 to $14, basing this bullish outlook on historical trends. Notably, the analyst points out that XRP missed the 2021 bull run but has since maintained a consistent pattern within a macro horizontal triangular formation.
$XRP Blast off in T-8 days.
Could we be about to go parabolic on $XRP?
On a weekly timeframe, if we look back to 2017, we can see $XRP moves between 1,000%-1485% (within 3 weeks) when it enters the overbought area on the RSI.
We currently have some space to push before we hit… pic.twitter.com/5Kj5p8QnUC
— Cryptoinsightuk (@Cryptoinsightuk) November 6, 2023
Having accumulated for over five years, the crypto analyst predicts that XRP’s price will swiftly move towards a new all-time high. Furthermore, the weekly Relative Strength Index (RSI) is still hovering in the oversold region, indicating further potential upside in the coming months.
Amid the ongoing altcoin breakout, XRP’s price has reached a critical resistance/support zone between $0.75 and $0.95. Breaking through this zone is essential to ensure a bullish outlook for the future. Failing to do so might result in a correction, potentially leading to a drop in the support zone, which ranges between 54 cents and 58 cents.
Zameer Attar
Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.
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