XRP, the native token of Ripple Labs, has been garnering significant attention from crypto enthusiasts due to its bullish price action pattern on the daily time frame. A prominent crypto expert recently made a bold prediction on XRP’s potential price movement, suggesting that it could reach $11 in the coming days.
In a post on social media platform X (formerly Twitter), the expert pointed out that XRP is currently consolidating within a bullish pennant pattern, resembling a flag and pole formation on the daily chart. Despite this consolidation, the token is facing resistance at the $2.73 level. The expert noted that if XRP fails to break above this resistance, a pullback to $2.05 could occur. However, a successful breakout above $2.73 could pave the way for a significant rally towards $11.
Currently trading near $2.42, XRP has experienced a slight decline of 1.50% in the last 24 hours. The trading volume has also decreased by 25%, indicating lower participation from traders and investors amidst the bullish outlook.
According to CoinPedia’s technical analysis, XRP has already broken out of a bullish flag and pole pattern but is now retesting the breakout level at $2.40. If the token manages to hold above this level and close a daily candle above it, it could signal further bullish momentum.
Based on recent price action, if XRP maintains support above $2.30, there is a strong possibility of a price surge of over 40% towards the $4.50 level in the near future. Traders and investors are closely monitoring these key levels and patterns to capitalize on potential price movements in XRP.