What is XRP?
XRP is the base currency of the Ripple network. It can circulate in the entire ripple network. The total amount is 100 billion and gradually decreases with the increase in transactions. The operating company of Ripple is Ripple Labs.
XRP is the only universal currency in the Ripple system. It is different from other currencies in the Ripple system. Other currencies such as CNY and USD cannot be withdrawn across gateways. In other words, CNY issued by Gateway A can only be withdrawn at Gateway A. If you want to withdraw at Gateway B, you must convert it into CNY of Gateway B through the order function of the Ripple system before you can withdraw at Gateway B. However, XRP has no such restrictions at all. It is universal in the Ripple system. Next, let's take a look at how the price of XRP is going.
XRP price growth has been slow recently, but market participants remain very optimistic about its future prospects. I predict a significant increase in XRP price, forecasting how high the cryptocurrency could reach in value, while also identifying key technical indicators and bullish patterns that suggest a possible price reversal.
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Timing for an XRP price breakout
I watched the price of XRP and saw that it had been trading in a large symmetrical triangle pattern for over four years.
To be more clear, a symmetrical triangle is a unique chart pattern that features trendlines converging to form a triangle-like shape. A symmetrical triangle pattern usually indicates a period of consolidation for cryptocurrencies that could see a massive price surge.
As for XRP, its price has been fluctuating slightly above $0.5 and $0.6 for several months. The cryptocurrency's market performance has also been lackluster in the past few years, with 2018 being its most bullish season, when it rose to a record high of $3.84.
Looking back at XRP’s symmetrical triangle pattern, it can be seen that the cryptocurrency finally broke out of the symmetrical triangle pattern after a long period of 2,227 days. During this period, XRP has been in an accumulation phase, with its price remaining within the boundaries of the aforementioned triangle pattern, while also facing a legal challenge from the U.S. Securities and Exchange Commission (SEC).
Despite the ongoing legal battle with the SEC, I continue to express strong bullish expectations for the future price of XRP. Below are several new price targets for my cryptocurrency forecast, reflecting my confidence and expectations for future prices.
The medium-term price target for XRP could be $1.2580 or $1.5700. For the long-term target, I expect the cryptocurrency could surge to $3.1.
XRP Bullish Prediction
At the time of writing, XRP is trading at $0.60, according to CoinMarketCap. Despite the slow price momentum for cryptocurrencies, I remain highly optimistic about the future value of XRP.
Based on the cryptocurrency’s long-term symmetrical triangle pattern, XRP price will explode vertically in the coming weeks, potentially experiencing a bull breakout to new all-time highs.
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