- Entrprenuer tweeted that XRP could surge by 26,720% in 2024, and reach $130.
- XRP performance in the last week has been below par, it reached as low as 0.4764.
- XRP could spike if the accumulation/distribution line is negated.
A Project Promoter and Entrepreneur under the pseudonym JackTheRippler stated that XRP might be gearing to reach $130 by 2024. To support his notion, he quoted an extract from a prominent XRP member, XRP Captain who stated that XRP had the potential to increase by 26,720%. In the excerpt, the XRP Captain argues that since XRP has been below expectations while trading inside a symmetrical triangle pattern for almost seven years, it was now time for a move.
When looking at the chart below, it could be noted that XRP did not have a great week. It was exchanging hands at 0.4986 when the markets opened for trading for the week. Thereafter, it started to crash making lower highs and lower lows. XRP printed its lowest price of $0.4764 on the second day of the week.
After reaching its lowest price, XRP started rising again making higher highs until the seventh day. Although the buyers were able to bring XRP from the depths of the red zone, the bears didn’t allow the bulls to stay above the opening market price for long. As such, the highest price XRP achieved was $0.4999. At press time, XRP is trading at $0.4902 after experiencing a 0.22% within 24 hours.
When looking at the chart above, it can be seen that XRP has been trading inside a rising triangle pattern. In the event that XRP breaks out of the triangle pattern when the bulls take over, then, it might break the resistance at $1.32 and head towards $1.68. Moreover, if this is a conventional breakout, then the price should increase by the height of the triangle at the initial stage of formation.
However, the accumulation/distribution line reads a value of -15.433B and the line is heading downwards. This shows that the current downward trend has volume behind it to back it up. As such, XRP may lose value and reach out for support from $0.2366.
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