Veteran bitcoin trader Bitlord recently made a strong call implying XRP is about to experience a big price surge. He claims the coin is “ripe” for a parabolic action that might make investors quite profitable.
XRP might see a significant price ascent, even if it lags behind other leading cryptocurrencies in recent increases. With a bullish XRP price prediction of 113% increase over the next year, CoinCheckup further fuels the increasing optimism on the token.
XRP rose just 3% last week; in comparison major cryptocurrencies like Ethereum and Solana jumped by more than 10%. XRP was down 1% in the last 24 hours, while its competitors showed 2% increase. Still, Bitlord thinks the altcoin is set to explode in the next 24 hours. His reasoning isn’t entirely clear, but his history of making accurate predictions is enough for many traders to watch the token closely.
I think $XRP is ready
-Expecting a parabolic explosion vertically within 24hrs.
Don’t sleep, millions can be made timing this move
— Crypto Bitlord (@crypto_bitlord7) September 22, 2024
Trading Momentum And Patterns
Not only is Bitlord staring at XRP for a possible breakout. The Moon, another trader, has noted a symmetrical triangle pattern developing on the weekly chart of XRP.
Often indicating a period of consolidation before a major change, this technical arrangement shows converging support and resistance lines. According to the trader’s study, XRP might explode by an amazing 221% should it break above the upper resistance line, hence perhaps guiding the price above $1.34.
#XRP may explode in this bull cycle! If it breaks out of this massive triangle, it could go parabolic! pic.twitter.com/wG2SeexCca — The Moon (@TheMoonCarl) September 21, 2024
Apart from these increases, XRP’s price movement over the past week shows encouraging signals. The coin showed a noteworthy peak for the month, touching $0.61 before declining to $0.5796. Given the traders’ ongoing interest in the asset, this surge might suggest more notable upward moves.
XRP: Short-Term Gains Or Long-Term Play?
Although some traders remain optimistic despite XRP’s slow performance in recent months casting questions on its capacity to maintain pace with rivals. Bitlord’s insistence on a parabolic action has some validity.
Going from $0.43 to $0.6366, he counseled investors back in July to purchase XRP before it jumped by 48% within a week. Those who took his advice profited handsomely, and many are hoping for a repeat performance.
Technical data from CoinCheckup only go to reinforce hope. Based on their prediction, XRP will surge 19% in the next month and 16% in the following three months. Their predicted growth of 138% in the next six months may indicate an excellent bull run.
A Potential Parabolic Move?
It remains to be seen whether XRP would really see the parabolic surge Bitlord predicts. But the token looks to be preparing for something big with a mix of technical signs and positive sentiment. XRP may be appealing to traders seeking a high-reward opportunity, but timing will be vital as always in the erratic crypto market.
Featured image from Bit Perfect Solutions, chart from TradingView
Source: NewsBTC.com
