Ripple (XRP) price, which has traditionally reached the levels sought by bottom hunters, may be pointing to a 70% increase while continuing to trade within a symmetrical triangle. Analyst Akash Girimath thinks that the altcoin price approaching the bottom of the triangle formation may attract the attention of investors.
XRP price at inflection point
XRP (XRP) price is trading around the lower trendline of a symmetrical triangle. If the price can close above the upper trendline of the triangle at $0.926, liquidity above the equal highs and a fresh uptrend to the projected target of $1,575 can be expected. It also supports the RSI symmetrical triangle bounce (RSI). The chart below shows a price history bouncing from the yellow range (30-36). The RSI touched this area in the last two retests of the lower trendlines of the symmetrical triangle.
The current drop shows an uptrend, putting the RSI very close to the local low. In other words, a significant acceleration in both directions can be expected.
Altcoin heads to the bottom of the symmetrical triangle, while RSI hits local bottom, locking sellers
A bullish divergence occurs when the RSI retests the yellow area. This development usually results in an upward direction. According to analyst Akash Girimath, traders can aim for 70% after the breakout, or about 140% – $0.648 from the current position. The 365-day Market Value to Realized Value (MVRV) model supports the optimistic forecast of XRP. This statistic, which we include in Kriptokoin.com analysis, measures the average profit / loss of XRP investors over the past year.
365-day MVRV for XRP is about -27%, and data from the previous two years suggest that a local trough is occurring at roughly -30%, suggesting a trend reversal may occur. While the XRP price is currently quite positive, a trap could cause individual investors to sell, resulting in a bigger drop. Unlocking the bullish thesis for XRP requires a three-day candlestick that closes at $0.515, the 18th July low. In this case, ripple could continue to decline until it reaches the $0.444 support level.
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