As most assets in the cryptocurrency sector turn a greener leaf, XRP is no exception, gaining 3% today and eyeing more increases, particularly as its recent price movements have suggested an exit from a bearish pattern in which it has spent recent weeks.
Specifically, XRP seems to be breaking out of the descending parallel channel in which it has resided since early November, suggesting a possible upswing to $0.65 or $0.66 in the near future, according to the analysis shared by renowned cryptocurrency expert Ali Martinez on November 23.
Indeed, the descending parallel channel is a technical chart pattern that depicts an asset’s steady downward movement between two trendline barriers with a series of lower lows and lower highs, and that typically culminates with a counter-trend move upward, which could also happen to the XRP token.
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XRP price analysis
As things stand, the currently fifth-largest crypto asset by market capitalization was at press time trading at $0.6128, demonstrating a 3% gain in the last 24 hours, a loss of 4.76% across the previous seven days, and an increase of 11.07% accumulated on its monthly chart, as per data on November 23.
All things considered, XRP might, indeed, meet the crypto trading expert’s predictions, particularly in view of the upcoming launch of Evernode, a Layer 2 smart contract platform on XRP Ledger (XRPL), currently targetted for December 18, preceded by an airdrop to eligible XRP holders on November 27.
On top of that, things are looking good for the original XRP creator, Ripple, in its courtroom standoff against the United States Securities and Exchange Commission (SEC), in which the blockchain company secured a partial victory with the judge ruling that the retail XRP sales did not constitute securities sales.
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