A technical analyst, using the alias “Cryptoes” on X, has asserted that the downside risk for investors entering the XRP market is now “extremely” limited. This view emerged as the altcoin market resumes a second-led bull frenzy after a brief setback caused by Mt. Gox’s $9 billion Bitcoin movement.
Cryptoes suggested that now is an opportune moment to buy XRP, even though XRP’s bulls have not yet joined the trend. At press time, it trades at $0.53, and according to the analyst, the downside risk is significantly minimal.
Strong Support At $0.5
The analyst based this perspective on XRP’s resilience around the $0.5 price channel, now considered a “rock solid support.” Notably, XRP has rarely breached the $0.5 mark in the past 30 days, with a brief dip to $0.48 on May 1 being the only exception. Given that it has held well for an extended period, the analyst believes the odds favor investors.
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Furthermore, XRP’s potential upswing is supported by consistent recognition of a prolonged consolidation phase in its price. Various analysts have observed that it has been in an accumulation phase for approximately six years since it dropped from its all-time high of $3.84.
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The pattern that XRP has formed over this period is identified as a symmetrical triangle, which renowned market observers interpret as a bullish signal. These analysts have suggested various targets for its investors upon a breakout from the downtrend pattern.
Predictions Of Significant Surge
For instance, analyst Javon Marks predicts as much as a 37,635% surge in XRP to $200. Analyst Javon Marks drew inspiration for the audacious $200 target from XRP’s 75,000% rally post-2014 consolidation. The current bull market trend reinforces the anticipation of an upswing. Every major altcoin expects its own rally, setting new all-time highs.
Moreover, XRP has not seen substantial movement since the start of the bull market seven months ago. Some market observers interpret this lack of movement as a setup for explosive growth, which is typical for XRP. However, some retail investors view the current lack of commendable movement as a negative indicator.
