Analyst Claims XRP is on the Verge of a Parabolic Move
The price of XRP, the native cryptocurrency of the XRP Ledger, may be preparing for a significant surge in price, according to analysts in the cryptocurrency industry.
In a YouTube video posted on November 17th, the host of the crypto analysis channel “Moon Lambo” shared insights from several reputable chart analysts, all pointing towards the potential for significant upside movement in XRP’s price.
One of the highlighted analysts, known as “The Blockchain Backer,” pointed to chart formations that suggest Bitcoin is on the verge of a major breakout above $40,000. As Bitcoin (BTC) often leads the market, a positive move for Bitcoin could precede increases in altcoins like XRP.
Another analyst, “Credible Crypto,” noted that open interest continues to decline as Bitcoin steadily rises, indicating that shorts are being forced to cover due to strong buying pressure. He believes this price action has achieved its objective, and Bitcoin is ready to continue its upward journey towards $40,000 and beyond.
“Dark Defender,” a chart analyst focusing on XRP, accurately predicted that XRP would reach 60-70 cents on November 13th. He believes that after a recent correction, XRP is poised to reach 87 cents to $1.05 in the very near future, stating that XRP is on the brink of a parabolic move.
A parabolic move refers to a rapid and almost vertical increase in price over a short period of time, driven by high demand and momentum. Such price action is not uncommon in the cryptocurrency market during bull runs.
Dark Defender points out that XRP has held key support levels around 60 cents despite recent volatility. Other analysts, like E. Gregg, also view a break above 66 cents as a bullish signal that could mark the end of the current downtrend.