May 27, 2024

A top cryptocurrency analyst, JD, has remained bullish on XRP despite the prevailing market outlook. The analyst shared an optimistic prediction in a November 15 X post, projecting that XRP could reach $3.8 if it sustains ongoing uptrends. 

JD’s presumptions came after observing some critical levels for DCA purchases.

XRP Faces Correction after Previous Rally

XRP’s daily chart shows the coin has lost some of the gains accumulated during the fake BlackRock iShares ETF report, which pushed XRP to $0.75.

Unfortunately, the excitement was short-lived, and the price declined when the news turned out fake. Even though XRP has regressed, JD is confident in an imminent upturn and says XRP is still trading within range. 

JD’s observation holds water since XRP has been trading between $0.63 and $0.69, the level attained before the fake ETF report. According to JD, this level has been a strong support for some time. 

Still in Range (even “wicked” to the support level). Creating HH w/HL means the uptrend is still in play! Don’t think we are done yet,

JD said.

The analyst highlighted that XRP has consistently achieved higher peaks and lows. This confirms its ongoing upward trend despite the recent correction. 

JD’s Bullish Long-Term View: XRP’s Symmetrical Triangle Patterns

According to JD’s chart, he believes XRP will do well in the long run. The chart shows a pattern that looks like a symmetrical triangle. This symmetrical triangle was formed when XRP’s price declined, creating lower highs and lower lows.

Also, this chart pattern has been influencing XRP’s prices since April 2021,  particularly after it dropped from a high of $1.96. Based on the chart, XRP breached the pattern in July when it hit $0.93 in response to Ripple’s partial win against the US SEC.

XRP recorded a price correction in August, retesting the upper trendline of the symmetrical triangle. 

However, another upward movement followed, with XRP closing two consecutive months (September and October) in bullish momentum. Remarkably, XRP has maintained this upward trend into November, suggesting continued positive sentiment.

JD’s XRP Strategy: Buying on Dips between $0.4100 – $0.4770

Even though the value of XRP recently went down, the week-to-week trend shows it maintains a bullish outlook. The analyst, JD, says there might be more drops but suggests a smart strategy called dollar-cost averaging. 

This means buying more XRP if the price falls, especially between $0.4100 and $0.4770. Moreover, he added a critical Fibonacci level where the price may retrace. 

Even though the chart suggests that the price might decrease slightly, JD believes that XRP’s future looks promising.

He is confident that XRP can overcome some critical obstacles, including the $0.80 resistance, on its way up. Notably, $3.80 is the next target once the token conquers these obstacles. JD isn’t the only analyst who is bullish on XRP.

On November 3, prominent experts EGRAG presented a more optimistic XRP prediction. 

EGRAG’s Chart. (Source: Twitter)

He predicted that XRP will hit $149  in the next 7-10 months after identifying a bullish crossover pattern on the ASO indicator.

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