The XRP price is currently hovering around the $0.60 mark, having recently broken through this psychological barrier. Despite the overall uncertainty in the market, XRP has shown interesting price movements, catching the attention of both bearish and bullish investors. A notable crypto analyst has shared a technical analysis that suggests XRP could surge to $32 in the near future.
The analysis, shared by Tylie Eric on social media platform X, highlights a symmetrical triangle pattern that has been forming since early 2021. This pattern is characterized by lower highs and higher lows, indicating a narrowing trading range. Technical analysts often see this pattern as a precursor to a significant price breakout in either direction.
With recent price action placing XRP at the upper trendline of the symmetrical triangle pattern, there is speculation of a bullish breakout on the horizon. According to the analyst, a breakout to the upside could propel XRP to its previous all-time high of $3.5, with potential to reach $32. This surge, if realized, would represent an impressive 5,230% increase from the current XRP price.
While some investors remain skeptical of such a drastic price surge for XRP, Tylie Eric’s bold prediction of $32 by the end of the year has sparked interest among bullish proponents. The recent conclusion of the Ripple-SEC lawsuit has also contributed to positive sentiment around XRP. However, there is still a segment of the market that holds a bearish outlook on the cryptocurrency.
The potential for XRP to surge to $32 presents an intriguing opportunity for investors. The symmetrical triangle pattern and recent price action suggest that a breakout could be imminent, leading to a significant price rally for XRP. While bold forecasts should be taken with caution, the ongoing developments in the XRP market indicate the possibility of exciting price movements in the near future.
