Upcoming Targets Revealed

Summary

• Among the three altcoins discussed, two experienced significant price increases over the past day, while one analyst has set even loftier short-term targets.
• XRP recorded a more modest daily rise of 7.5%, with potential for an additional 20% boost that might elevate it to $2.7.

Future Prospects for XRP

The analyst’s forecast begins with the most prominent altcoin. Just two weeks prior, Ripple’s value plummeted sharply to $1.6 during market turmoil. However, it quickly rebounded to reclaim the crucial $2 support level, which has shown resilience in previous instances.

Following this, XRP entered a phase of consolidation. However, indicators like the contracting Bollinger Bands hinted at an imminent significant price movement in either direction.

This anticipated shift occurred in the last 36 hours, as XRP surged from just below $2.1 to hit a multi-week high of $2.25. The analyst suggested that this is merely the beginning, reaffirming his $2.7 target for Ripple’s token.

In addition to the inverse head and shoulders pattern indicating further upward movement for XRP, positive developments, such as the possibility of a Ripple ETF approval, might act as a catalyst for additional gains. Conversely, if Ripple’s legal issues escalate in the U.S., the asset’s price could face a downturn.

Dogecoin and Cardano Show Strong Growth

DOGE and ADA have significantly exceeded XRP’s daily performance, with staggering increases of 13% and 11.5%, respectively, bringing their prices to $0.182 and nearly $0.7.

Dogecoin’s rise past the critical resistance level at $0.17 was particularly crucial, as failure to surpass this point could have led to a 65% drop. Now, forecasts suggest it is moving out of an ascending triangle pattern, with a target of $0.195.

Dogecoin is also on the lookout for updates regarding the U.S. ETF situation, but its chances for approval this year appear less favorable compared to XRP’s, according to market predictions (52% vs. 79%).

Meanwhile, Cardano’s chances of securing its own ETF are slightly better than Dogecoin’s, currently standing at 57%. Its price has surged notably in the last few days, now aiming for $0.77, according to the analyst.