The cryptocurrency trader and analyst that goes by the name XRP CAPTAIN predicted in an X (formerly Twitter) post yesterday that the price of Ripple (XRP) could explode 17,000% soon. The analyst based his prediction off of the fact that XRP’s price is displaying similar price action to that of Dogecoin (DOGE) back in 2020 – a period which saw the meme coin’s price surge.
#XRPHolders ATTENTION 🚨🚨#XRP 2023 Vs #DOGE 2020 Similar Price Action. If #XRP Follows The Same PA Then I Won’t Be Surprised #XRP Exploding 17,000% / 170X From The Breakout.👀👇 pic.twitter.com/pnPzP1ZzUa
— XRP CAPTAIN (@UniverseTwenty) October 6, 2023
Meanwhile, CoinMarketCap data indicated that both altcoins were able to print gains throughout the past 24 hours. At press time, DOGE was trading hands at $0.06145 after its price increased 0.43% during the past day of trading. Meanwhile, the remittance token’s price stood at $0.5226 after it underwent a 0.46% increase during the past 24 hours.
XRP’s latest gain was a continuation of its positive weekly performance. Subsequently, XRP’s price was up 1.29% over the past 7 days. The increase in XRP’s price was not, however, accompanied by an increase in its 24-hour trading volume. At press time, the cryptocurrency’s total volume was down 25.72% – bringing it to $570,192,116.
Daily chart for XRP/USDT (Source: TradingView)
From a technical perspective, XRP was trading in a positive price channel that had formed on its daily chart over the past fortnight. Should this bullish momentum continue, XRP’s price may overcome the $0.5670 resistance level soon. Thereafter, continued buy pressure could lead to XRP rising to as high as $0.6390, which was the next threshold on the altcoin’s daily chart.
Conversely, XRP closing a daily candle below the $0.5165 support level within the next 48 hours may invalidate the bullish thesis. In this scenario, XRP could be at risk of breaking out below the aforementioned ascending price channel. Consequently, the altcoin’s price could continue to drop to the next key support level at $0.4585 within the following week.
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