The XRP price is trading around the psychological barrier of $0.60 after breaking through earlier in the week. Notably, XRP has exhibited interesting price action amidst wider market uncertainty, although many cryptocurrencies are starting to turn positive. While some market participants are still bearish on XRP, others are looking out for a very bullish trajectory.
A crypto analyst has revealed an XRP technical analysis that many bullish proponents can resonate with. According to the analyst, XRP is set to surge to $32 in the coming months.
Despite the broader volatility, many cryptocurrencies have begun to show signs of recovery, with XRP also a focal point of interest. The XRP analysis was posted through social media platform X by Tylie Eric, and it features an XRP / U.S. Dollar price chart on the 1D candlestick timeframe.
Central to the analysis is the depiction of a symmetrical triangle pattern forming since early 2021, when XRP reached a peak trading value of $1.96. This pattern is often seen by technical analysts as a sign of a potential breakout in either direction.
Recent price action now puts the XRP price at the upper trendline of the triangular pattern. A breakout to the upside could result in a bullish rally for the cryptocurrency. According to Tyler, this breakout could see XRP hitting its all-time high of $3.5, before surging to $32 by year-end, representing a substantial 5,230% increase.
Market sentiment around XRP is mixed. While Tylie Eric’s forecast is bold, predicting a significant surge, the actual chances appear slim at the moment. However, similar bullish predictions have emerged recently, particularly following the conclusion of the Ripple-SEC lawsuit.
Conversely, a segment of the market remains bearish on XRP, with one analyst even calling it the “biggest scam in crypto.” As of now, XRP is trading at $0.6008, with only a 1.29% gain in 30 days.
