Analysts have differing views on the price trend of XRP
XRP fell nearly 15% in October, mainly due to the U.S. Securities and Exchange Commission (SEC)'s appeal in the Ripple lawsuit. Some analysts believe this could be a buying opportunity.
Analyst CryptoBull pointed out that XRP's current price behavior is similar to the bull market trajectory in 2017. At that time, XRP consolidated within a symmetrical triangle pattern and then broke through with an increase of 66,240% to its historical high of $3.31. Currently, XRP is approaching the apex of a similar triangle structure; if it breaks above the ascending trend line, the target price could reach $23.40, an increase exceeding 4,200%. However, SEC's appeal may pose significant resistance for XRP's bullish setup; if they successfully prove that secondary sales of XRP violate US securities laws, XRP might break below its current symmetrical triangle's descending trend line. If there is a decline, the next target price would be $0.11 - a drop of 78.25% from current levels.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk; readers should conduct their own research when making decisions.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Argo: September Mining Yields 37 Bitcoins
Puffer Finance Completes Snapshot Following Increased PUFFER Token Community Allocation
Important developments in the evening of 5 October at a glance
Vitalik is selling Meme tokens on-chain, including MOODENG, Nerio, etc