XRP Hasn’t Experienced a Bull Run Since 2017, Expert Reveals Anticipated Outcome
The XRP cryptocurrency has been a cause for concern among investors as it appears to be stuck in a stagnant state. The last significant surge in price occurred during the 2017-2018 bull market, and despite subsequent bull markets, XRP has failed to keep up with the rest of the market. While expectations for the altcoin have plummeted, one analyst believes that XRP may finally have its moment to shine. This expert has revealed potential targets for when this long-awaited breakout might occur.
Crypto analyst CryptoManiac101 recently shared an intriguing view of the future XRP price on the TradingView platform. The analyst highlighted several indicators that suggest the altcoin could be gearing up for a significant move. One crucial aspect of the analysis concerns the price levels and historical movements thus far.
The crypto analyst points out the convergence of three different moving averages projected to take place in 2024. At the end of this convergence, a symmetrical triangle pattern is formed, as outlined in the chart. Moreover, the convergence occurring around $0.51 indicates ongoing consolidation. Typically, consolidation is accompanied by accumulation, which often has a positive effect on the price. The analyst remarks that interest is currently increasing.
Additionally, the crypto analyst draws attention to XRP’s performance over the past 11 years, from 2013 to the present, demonstrating how the altcoin’s performance has remained relatively flat during this period. The analyst states, “We are expecting to see some consistency between the two cycles and some movement similar to the significant historical price spikes observed in 2017 and 2018, particularly for 2024 and 2025.”
Given these fascinating developments, these indicators could potentially signal an imminent breakout in price. If this occurs, the analyst has outlined targets for the potential extent of the price surge.
So, how high could the price go?
One crucial factor in the analyst’s prediction is the historical strength of previous patterns, which have previously resulted in bullish trends for XRP. The analyst notes that a rally typically commences when these patterns have reached 75% completion. However, the current patterns have already reached 88.93% completion, suggesting that a breakout for the XRP price is long overdue.
In the event of a rally, the crypto analyst anticipates a minimum 800% increase in price, surpassing the $4 mark. This prediction is based on the potential breakout from the symmetrical triangle formed by the convergence of the three moving averages. In such a scenario, the analyst expects the rally to commence at $4.5.
Overall, while XRP has been relatively stagnant for some time, indications are pointing towards a potential breakthrough. If the anticipated rally occurs, investors may witness a substantial increase in the XRP price, potentially exceeding 800% above $4. The waiting game continues for XRP enthusiasts, as all eyes remain focused on the altcoin’s future trajectory.