XRP Token May Rise in Price by 75% in the Near Future
XRP is trading at $3, up 90% from this year’s low. And there are three prerequisites for the token to rise further this month.
Technical analysis shows that the price XRP there are all the prerequisites for a quick breakout. The daily chart below shows that the current consolidation is part of the formation of a bull flag pattern. This pattern consists of a vertical line resembling a flagpole and a descending or horizontal channel.
The target price in this pattern is determined by measuring the size of the flagpole and then extrapolating to the breakout point. In this case, the target price is $4,6.
The flag pattern is part of a cup and handle pattern that has been forming since January. The depth of this cup is 53%. So, if we measure the same distance from its upper side, the target price would be $5,2, which is about 75% above the current level.
Another catalyst for rapid growth XRP may be the approval of applications to launch exchange-traded funds based on this altcoin. Experts predict that XRP-ETF will become popular with American investors.
Ecosystem growth XRP will also be a reason for further rally of the token. One of the components XRP Ledger is Ripple USD, the value of whose assets is approaching the $700 million mark. The volume of RLUSD transactions over the past 30 days has grown by 15% and amounted to $2,7 billion.
