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Over the past 24 hours, the XRP price has remained relatively stagnant, with a slight 0.5% dip. One analyst, however, argues that this slowed pace may be a build up to an impending parabolic breakout, just ‘days’ away.
Indeed, XRP has mostly traded sideways this month, weighed down by the ongoing second circuit of the Ripple SEC case.
While other notable altcoins have ridden the bullish wave since last Friday, XRP has crawled, up only 2.36%.
With this lackluster price action, XRP isn’t exactly hot among investors, as the altcoin’s trading volume slides a further 14.27% to $1.19 billion.
However, influential X trader Egrag Crypto notes technical developments that lay grounds for optimism.
XRP Price Forecast: Can XRP Hit a New All-Time High?
The basis for the analyst’s argument is the XRP’s impending breakout as it nears a breakout of a 4-year symmetrical triangle pattern.
Although the analyst noted the potential for XRP to remain confined within the pattern for up to 70 days, ther affirmed with a “high degree of conviction” that it could come much sooner, within the next 15 to 30 days.
Following the pattern, the analyst set a potential breakout target at $0.61 to $0.62, a prospect that seems more credible as other indicators flip bullish.
Most notably, the MACD line has affirmed a crossover above the signal line over the past few days, a move which, in recent history, has consistently led to significant upticks in the XRP price.
XRP has established stronger footing by flipping the 200EMA to support. However, the ongoing struggle against the immediate resistance at $0.55 is the next level to watch.
From there, with a successful retake of the 200SMA, the stage will be set for a more sustained uptrend.
However, the approaching retest of the stubborn $0.55 resistance, which has pinned XRP down this month, is the next key target to establish a more sustained uptrend.
With a successful breakout, the analyst sets a price target around $7.50, marking a new all-time high.
This New Low Cap Gem Could Rally Harder
While a $7.50 XRP is certainly an appealing prospect, emerging opportunities hold the potential for truly substantial gains.
As the “meme coin supercycle” sentiment takes hold and cult coins like $GOAT and $SPX experience sudden rises to prominence, strategic investors may find it beneficial to diversify into newer low-cap meme coins with exponential growth potential.
One such coin is FreeDum Fighters ($DUM), which rides the foremost narrative in the crypto space right now: the U.S. presidential election, in a humorous parody. This coin has garnered particular attention, raising over $100,000 in less than 24 hours.
In an exaggerated parallel, FreeDum Fighters features two mechanized political figureheads: MAGATRON and Kamacop 9000, battling for supremacy over the platform.
By staking $DUM, investors can vote to bolster the war effort of their mechanized political figurehead of choice, aiding them in weekly FreeDum Fighters debates.
If MAGATRON is in the lead, the Kamacop pool will offer higher rewards, providing consistent gains, even amidst recent volatility.
Currently, MAGATRON stands at an 85% lead with an appealing 860.66% APY. Meanwhile, the underdog Kamacop reaps a lucrative 28,755.30% APY, presenting one of the biggest passive income opportunities right now.
Victory brings spoils, with points accumulated based on these efforts, and an airdrop distributed according to the points earned. Even the front-runner can reap rewards, ensuring that every participant has something to gain.
Join the fight on X and Telegram to stay up to date on the latest announcements.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
