XRP is currently trading at $1.90 after a recent high of $2.41, reflecting a corrective move amid broader market weakness. Despite the bearish pressure, chart analysis suggests a potential breakout, with projections indicating a possible surge to between $6 and $14. The cryptocurrency is in a distribution phase, often preceding significant price movements, as it consolidates sideways.
Korean analyst XForceGlobal highlights XRP's flat pattern, a corrective structure indicating a temporary balance between buyers and sellers. This phase, characterized by a lack of urgency, often precedes strong market moves. The current cycle, marked by a five-wave advance, suggests the bullish structure remains intact, with a potential test of support at $1.70 before a reversal.
XForceGlobal's analysis points to a resolution phase that could see XRP break out of its current range. The analyst emphasizes the importance of risk management, with a personal profit-taking target set at $2.70, while maintaining that the broader market setup supports higher cycle targets.
XRP Analyst Predicts Potential Surge to $14 Amid Market Consolidation
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