Most cryptocurrencies have been trading sideways over the last few weeks with a few notable exceptions including MakerDAO’s $MKR. The native token of the XRP Ledger, $XRP, has been following the path of most other digital assets, but could soon breakout as well, according to a crypto analyst.
Popular analyst CoinsKid has recently said in a video shared with is over 270,000 subscribers on the Google-owned video-sharing platform YouTube that a key technical pattern can now be spotted on the cryptocurrency’s chart.
According to the analyst, the XRP price chart has formed a head and shoulders pattern. A head and shoulders pattern is used by technical analysts to identify a potential trend reversal. It consists of three peaks: a higher peak (head) between two lower peaks (shoulders) and usually indicates a bearish reversal, meaning the price may transition from an uptrend to a downtrend.
The analyst noted that if the price of XRP follows this pattern it will keep on dropping toward $0.46. On the other hand, CoinsKid also spotted an ascending triangle pattern. An ascending triangle is a bullish chart pattern that shows a potential uptrend continuation.
<!–
–> <!–
–>
It has a horizontal resistance line and a rising support line and is completed once the price of the asset breaks above the resistance line with high volume. The pattern, he says, could see XRP move toward a significant resistance level.
Notably, as CryptoGlobe reported, cryptocurrency investment products focusing on XRP have been seeing inflows from institutional investors, with over $700,000 pouring into thse products over the past week.
Year-to-date, Ethereum-focused products have seen over $115 million of outflows while Solana-focused products have seen $26 million of inflows. XRP products have seen $14 million of inflows over the same period, leading to assets under management of $60 million.
Featured image via Pixabay.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://www.cryptoglobe.com/latest/2023/09/popular-analyst-forecasts-potential-xrp-price-breakout-as-crypto-market-moves-sideways/
- :has
- :is
- :not
- 000
- 2023
- a
- above
- According
- Ads
- All
- also
- an
- analysis
- analyst
- Analysts
- and
- AS
- asset
- Assets
- BE
- bearish
- been
- between
- breakout
- breaks
- Bullish
- but
- by
- CAN
- Chart
- Completed
- consists
- content
- continuation
- could
- crypto
- crypto analyst
- Crypto Market
- cryptocurrencies
- cryptocurrency
- CryptoGlobe
- daily
- digital
- Digital Assets
- downtrend
- Dropping
- embedded
- few
- focusing
- following
- follows
- forecasts
- formed
- from
- hand
- Have
- he
- head
- High
- higher
- Horizontal
- HTTPS
- identify
- if
- image
- in
- Including
- indicates
- inflows
- Institutional
- institutional investors
- into
- investment
- Investors
- IT
- jpg
- Keep
- Key
- Last
- leading
- Ledger
- Level
- Line
- lower
- management
- Market
- market moves
- May..
- meaning
- million
- most
- move
- moves
- native
- Native Token
- notable
- noted
- now
- of
- on
- once
- Other
- outflows
- over
- past
- path
- Pattern
- Peak
- period
- platform
- plato
- Plato Data Intelligence
- PlatoData
- Popular
- potential
- prediction
- price
- price chart
- Price Prediction
- Products
- recently
- Reported
- Resistance
- Reversal
- Ripple
- ripple analysis
- Ripple XRP Price
- rising
- Said
- same
- says
- Screen
- screens
- see
- seeing
- seen
- shared
- Shows
- sideways
- significant
- sizes
- soon
- subscribers
- support
- Technical
- that
- The
- this
- three
- to
- token
- toward
- Trading
- transition
- Trend
- two
- under
- uptrend
- use
- used
- Video
- volume
- week
- Weeks
- WELL
- while
- will
- with
- xrp
- XRP Ledger
- XRP Price
- XRP price prediction
- youtube
- zephyrnet