The post XRP News: Will the XRP Price Hit $1.96 by November 24? appeared first on Coinpedia Fintech News
The XRP market has experienced a remarkable surge of 119.905% since the US presidential election day. On November 16, the market reached a peak of $1.1205 from the pre-election range of $0.5038. However, since November 17, the market has been consolidating, ranging between $1.1220 and $1.0544.
The historic cycles of 2020-21 and 2017-18 and a seven-year symmetrical triangle pattern indicate that the market could experience a major breakout soon. Recently, crypto market analyst The Block Bull made some striking revelations related to the potential breakout. Time to analyse these revelations. Ready?
XRP Market: Analysing the Current Status
In the last seven days, the XRP price has climbed nearly 59.2%. Currently, the XRP market stands at a price of $1.1200. Notably, since November 5, the market has seen a significant rise of 119.905%. Right now, the market remains within the consolidation range of $1.220 and $1.0544. Looking at the daily chart, it is clear that any moment the price would break above this consolidation range.
Crypto Analyst’s Short-Term Prediction On The XRP Market
Crypto analyst The Block Bull forecasted that if the market surpasses the range of $1.18 and $1.20, it could reach a peak of $1.96 by November 24. Considering this prediction, the market could experience a 75% surge in a few days.
The analyst primarily highlighted the historical patterns of 2020-21 and 2017-18 to support this prediction. Emphasising how the current price movement of XRP aligns with the past cycles, he noted that the current cycle combines the patterns from 2017-18 and 2020-21.
He also pointed to a seven-year symmetrical triangle pattern. On November 11, the XRP market broke above this pattern, signalling strong bullish momentum.
Analyst’s Advice to XRP Investors
The Block Bull advised XRP investors to prepare for a correction to $0.50 after the $1.96 rally. There are many reasons to assume that the crypto adviser considers the expected correction in the XRP market as the best buying opportunity.
In conclusion, XRP’s journey remains tied to historical patterns and key price levels.