Analyst’s Crystal Ball: XRP Bulls Eyeing $40 Price Target, Despite Doubts

Christian Encila

1 year ago

3 mins read

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Renowned cryptocurrency analyst Dark Defender, with a substantial following of nearly 100,000 individuals on platform X, has drawn attention to the emergence of a “cup and handle pattern” in the daily time frame of the cryptocurrency XRP.

Based on his analysis, provided that the token maintains a closing price above the support level of $0.604, XRP has potential for a positive upswing towards the price goals of $1.05 and $1.88.

Although Dark Defender’s projection has all the bullish elements to give XRP some badly needed boost in price, another analyst’s estimation also provides a great deal of importance.

Hi all. $XRP formed a cup & handle pattern in the daily time frame.

We set targets for $1.05 & $1.88 with the Elliott Waves, and now the Cup-Handle pattern is also blinking XRP to reach the targets.

Can the handle be extended towards $0.5286 Support?

We still need to close… pic.twitter.com/SvVokOYTs8

— Dark Defender (@DefendDark) November 21, 2023

XRP Upward Trend And Institutional Investments

In a world where predictions are often uncertain, the assurance made by prominent cryptocurrency analyst EGRAG provides another straightforward perspective, suggesting that the journey to a $40 XRP might be less complicated than skeptics think.

The price of XRP remained over the $0.60 threshold during the early hours of Tuesday. The alternative cryptocurrency is currently seeing an upward trend, accompanied by an increase in the amount of capital being invested by institutional investors into XRP funds.

#XRP – Once you spot it, you’re hooked!

The FOMO’s about to hit hard at $2! 💥

My bank account? It’s #XRP all the way! Every gain feeds back into #XRP. 💰#XRPArmy STAY STEADY, The #XRP TA indicate to an incredibly bullish long-term outlook. 🐂 pic.twitter.com/z3PuhvwCmn

— EGRAG CRYPTO (@egragcrypto) November 22, 2023

In recent weeks, there has been a notable trend of significant wallet investors divesting their XRP token holdings, while retail traders have concurrently demonstrated an inclination towards acquiring the altcoin. This phenomenon has contributed to the development of a positive outlook for XRP.

The price of XRP is currently $0.6105, 1.8% less than it was a day ago. Despite the continued downturn, interest in the asset is increasing; transaction volume has increased by 25% in the past day to around $1.2 billion.

Total crypto market cap is currently at $1.39 trillion. Chart: TradingView.com

Implications Of The Ascending Triangle For XRP’s Future

One of his most recent updates on XRP, where he drew attention to the asset’s moves on the weekly chart, demonstrates his ongoing bullishness. XRP is presently trading inside an ascending triangle that has been there since 2018, according to EGRAG’s chart.

An ascending triangle is a bullish pattern in technical analysis, formed by a horizontal resistance line and a rising support trendline. It indicates a market where buyers are consistently pushing the price higher against a specific resistance level.

Traders anticipate a potential upward breakout at the triangle’s apex, signaling a continuation of the existing uptrend. This pattern is often seen as a sign of increasing buying pressure.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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