CandleFocus XRP to $20 as Analysts Say They’ve Never Seen a Bull Flag This Long
2024-10-10
Author: Content Editor
Market analysts have identified a bullish pennant formation on the XRP chart, indicating the potential for significant price surges. Despite XRP facing challenges due to the SEC lawsuit, analysts believe the pennant formation could be a precursor to a major upward movement. The volume profile suggests cautious trading, but as XRP nears the tip of the pennant, a breakout could occur soon. Another analyst points to a parallel channel formation, with XRP bouncing back from key support levels, potentially leading to a breakout. The Bollinger Bands indicate volatility compression, setting the stage for a sharp move, and the William %R suggests a similar cycle to XRP's previous major rallies. $10-$20 price targets are mentioned, and currently, XRP is trading at $0.5402 with a 1.89% increase over the past 24 hours.
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