Renowned market analyst and popular crypto YouTuber, DustyBC, has made a bold prediction for XRP, foreseeing a massive surge of up to 4,000%, which could potentially push its price to $30.
DustyBC believes that XRP is on the verge of experiencing a significant event known as a “God candle” on the weekly timeframe. This is occurring as XRP continues to wrestle with the $0.52 price level. According to the analyst’s chart, XRP has been trading within a symmetrical triangle on the weekly chart ever since its price plummeted from its all-time high of $3.31 in January 2018.
This multi-year symmetrical triangle has acted as a barrier, preventing XRP from reaching higher levels, while also providing support against major downward movements. As a result, the chart data indicates that XRP has been forming lower highs and higher lows since January 2018.
Symmetrical triangles typically emerge during periods of market indecisiveness, leading to prolonged consolidations. These triangles often precede breakout movements, which can result in either a significant upward surge or a sharp downward decline.
Interestingly, XRP is currently leaning towards the lower trendline of the symmetrical triangle after recently retracing to $0.4235 in early April. Despite recovering from this low point, XRP is still trading near the lower end of the triangle. However, DustyBC believes that an upside breakout is more likely.
DustyBC predicts that XRP will breach the upper trendline at the $0.75 level, leading to the formation of a “God candle” on the weekly chart. XRP previously experienced one of these candles in late March to early April 2021, resulting in a 112% weekly spike, with its price surging from $0.6354 to $1.3506.
DustyBC anticipates that the projected “God candle” will trigger a 4,000% surge in XRP’s price. Starting from the projected breakout price of $0.75, a 4,000% increase would propel XRP to a new all-time high of $30.75. This surge could potentially boost XRP’s market capitalization to $1.7 trillion, assuming the circulating supply remains constant.
At present, XRP is experiencing a modest 1.2% increase, with its price at $0.5222. Data from Coinglass reveals an upward trend in trading volume and an increase in exchange withdrawals for XRP. While the total spot volume on leading exchanges such as Binance, Bybit, Coinbase, and OKX has reached $191 million in the past 24 hours, investors have withdrawn $6.7 million from these exchanges.
This combination of rising trading volume and reduced exchange reserves suggests a decrease in selling pressure. Bulls will likely capitalize on this positive sentiment to push XRP towards its early May highs at $0.57. If this level is breached, it could pave the way for a rally towards $0.60, as XRP aims to break out of the symmetrical triangle.
It is important to note that this article is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.