XRP Hasn’t Had A Bull Cycle Since 2017, Analyst Reveals What Will Happen When It Does
04 June 2024 - 12:00PM
NEWSBTC
The XRP price has been a constant point of worry for investors
given that the altcoins seems to be frozen in time. The last time
that the coin rallied was in the 2017-2018 bull and even though
there has been another massive bull market since then, XRP failed
to follow the rest of the market. While expectations for the
altcoin have dropped dramatically, one analyst believes that the
cryptocurrency could finally have its time in the spotlight,
revealing targets for when this does happen. Why XRP Could Be
Gearing Up For A Bull Rally Crypto analyst CryptoManiac101 took to
the TradingView platform to share a rather interesting view of the
XRP price going forward. The analyst pointed out a number of
indicators that suggest that the altcoin may finally be getting
ready to move. One of the major points in the analysis was the
price levels and movements so far. Related Reading: Bitcoin Enters
Dreaded ‘Chop Season’ – What Does This Mean For Price? The crypto
analyst points out a convergence of three different moving averages
in the year 2024. At the end of this is the formation of a
symmetrical triangle pattern outlined in the chart. Furthermore,
the convergence, which is happening around $0.51, suggests that
there is consolidation going on. Now, usually, consolidation will
come with accumulation, which is often good for the price, and the
analyst points out that interest is rising. Going further, the
crypto analyst points to the performance of XRP over the last 11
years. This begins from 2013 and moves to present time, showing how
the performance of XRP has actually flattened during this time.
“Significant historical price spikes, particularly in 2017 and
2018, are visible, which is what we are looking at for 2024 and
2025 years as we see some movement consistency between the two
cycles,” the analyst stated. With interesting rising, these
indicators could point toward an important breakout for the price.
If this happens, the crypto analyst has outlined targets for how
high the price could go. How High Can The Price Go? One major
factor in the analyst’s prediction is the fact that such historical
patterns have been previously bullish for XRP to have returned. The
analyst points out that a rally usually breaks out when these
patterns have seen a 75% completion. However, the current patterns
have reached 88.93% completion, suggesting that a breakout is long
overdue for the XRP price. Related Reading: Chainlink Is Not Done:
Analyst Predicts 300% Rise Against Bitcoin In the event of a rally,
the crypto analyst expects an at least 800% increase in price above
$4. This future prediction is based on the potential of a breakout
from the symmetrical triangle forming at the convergence of the
three moving averages. In this case, the analyst expects a rally to
$4.5 as a starting point.
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