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XRP Price to Target New All-Time High: Analyst

Sun, 07/30/2023 - 10:02
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Alex Dovbnya
Recent Twitter analysis by technical analyst CoinsKid has hinted at potential new all-time high for Ripple-affiliated cryptocurrency, XRP
XRP Price to Target New All-Time High: Analyst
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Technical analyst CoinsKid pointed out on Twitter that Ripple-affiliated XRP could be setting up for a new all-time high.

Image by @Coins_Kid

The assertion is based on a pattern known as a "double bottom," an indication often used by traders to signal a potential upward trend following a period of decline.

The analyst also noted the formation of an ascending triangle, another bullish indicator. CoinsKid concluded with a general principle of trading: "Compression leads to expansion," suggesting that the constrained trading range will eventually lead to a price breakout.

XRP's performance has been relatively stable, trading at around $0.72 at the time of writing, a 2.4% increase in value.

The recent rally comes in the wake of a positive ruling in the Ripple v. SEC case that has bolstered confidence in the token's future. It also adds to the larger narrative of an increasingly active altcoin market, potentially challenging Bitcoin's long-held dominance in the cryptocurrency space.

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The impressive surge of XRP, coupled with other altcoins like Ethereum (ETH) and Solana (SOL) experiencing modest gains, has started to stir up the crypto markets.

According to Swissblock, a crypto data platform, Bitcoin's dominance is showing signs of wavering, pointing to an upward trend for altcoins.

It is worth noting, however, that the crypto market remains notoriously volatile, and while bullish indicators provide optimism for investors, they do not guarantee results. Traders should approach these predictions with caution, and as always, invest responsibly.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at