XRP's staggering price target: Is the rise coming?

A trader who publishes analysis based on price formations claimed that the price of XRP could soon rise to $3.

XRP, which caught the attention of bulls with Ripple's legal victory against the SEC, failed to succeed in the bull formation despite approaching a breakthrough. The altcoin, which experienced a nearly 65% increase with the news of the lawsuit, turned things around. XRP bears managed to pull the coin price down in the last 24 hours.

AMBCrypto evaluated the pressure of the bears on XRP as the beginning of a new bull rally.

Crypto analyst World of Charts interpreted XRP metrics. The analyst brought up the possibility of XRP reaching $3.

Bullish signal in XRP metrics

According to CoinGecko data, the price of XRP has recorded an increase of more than 5% in the last seven days.

The altcoin, which has a market value of nearly 33 billion dollars, is trading below 0.6 dollars.

Crypto analyst World of Charts explained that a multi-year ascending triangle pattern has formed on the XRP chart. The analyst, who stated that the formation under analysis has been working since 2020, expressed expectations of an increase.

XRP, which consolidates within the multi-year symmetrical triangle formation, is giving strong signals. According to the formation, a bullish breakout may occur, and the price of XRP can rise to $3 along with this breakout.

World of Charts, who stated that there are multiple factors supporting the rise, said:

"The key factors supporting the breakout scenario are: Increasing buying pressure, improving market sensitivity, strengthening technical indicators, favorable chart formations"

XRP is supported by on-chain data

AMBCrypto, which examines on-chain data, stated that one of the most important metrics that could support the rise of XRP is the transaction volume. XRP's transaction volume increased by 36 percent in the last 24 hours, reaching 1.086 billion dollars.

According to the analysis, the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) indicators support the rise of XRP. If XRP breaks out of the ongoing formation since 2020, the indicators may come into play.

This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should conduct their own research when making decisions.