$XRP, the native crypto token of the Ripple network, has captured the market’s attention with its latest move. As per Ali, a well-known crypto analyst, $XRP has now turned undervalued after following a multi-year breakout. The analyst disclosed the current market scenario around $XRP on social media.
$XRP Breaks Out from a Multi-Year Triangle Pattern, Signifying a Bullish Continuation
Ali mentioned that the $XRP token has become considerably undervalued irrespective of some considering it overbought. The analyst added that the crypto token has recently broken out of a huge symmetrical triangle pattern that lengthened to several years. The respective pattern has historically denoted a critical shift in the price direction of the asset. This type of breakout usually indicates a bullish continuation. Moreover, such breakouts also present a profitable opportunity for the investors.
A few traders may consider $XRP to have already surged to a great extent abruptly. However, the analyst categorizes this to be the start of a massive rally. In this respect, he has set a couple of price targets for the crypto token.
Analyst Sets $8.40 and $48.12 as the Potential Forecasts for $XRP
The first one of them is $8.40 which is a more measured price target mirroring the likelihood of the crypto token in line with the present market conditions and historical patterns. On the other hand, $48.12 is the aggressive forecast, reflecting the likelihood for Ripple ($XRP) to witness an enormous jump in the case of favorable market conditions. According to Ali, with the current bullish momentum around $XRP, the token’s journey seems far from over.
Source: https://blockchainreporter.net/senior-analyst-sets-a-bold-48-target-for-ripples-xrp/