XRP Price Poised for Surge? Analyst Points to Historical Indicator
A rare and reliable metric on the monthly chart suggests XRP could be headed for a price range between $2.4 and $3, according to market analyst Mikybull. This analysis highlights a potentially bullish signal for XRP.
Historical Indicator Suggests Price Increase
Mikybull presented a monthly chart revealing a pattern that XRP followed from 2014, culminating in its historic 2017 rally and all-time high price. The chart also features a moving average indicator that has reportedly predicted XRP’s price movements for almost a decade. Whenever XRP is about to experience a significant price increase, this indicator flashes a green signal that lasts for a few months.
Read Also: Cardano (ADA) Market Cap Surges Over Half a Billion Dollars
Past Performance and Analyst’s Prediction
The indicator first signalled a price increase from August 2015 to February 2017, with XRP dropping to a low of $0.0050 during this period. Following these signals, XRP skyrocketed a staggering 66,100% from the February 2017 low to its all-time high of $3.31 in January 2018.
Read Also: Shiba Inu Community Cheers as ShibaSwap Launches on Shibarium
A similar pattern emerged between August 2019 and October 2020, with XRP witnessing green signals and a subsequent price surge to $1.96 in April 2021. After a correction, green signals reappeared in May 2022 and persisted until recently. With these signals fading, Mikybull anticipates a price rally.
The analyst predicts an imminent rally towards a price range of $2.4 to $3. However, he emphasizes that this is a conservative target, and prices could potentially reach much higher, especially as the market enters a bull run.
Bullish Sentiment Surrounding XRP
Mikybull’s analysis is not the only indicator suggesting a potential XRP surge. Earlier this month, he asserted that the recent drop to $0.4235 marked the bottom for XRP. Several other market analysts also expect a breakout soon, with varying price predictions.
Crypto analyst EGRAG identified a “launching channel” that could propel XRP to $6.4. This week, Matthew Dixon, CEO of crypto rating platform Evai, projected a target of $0.62 when XRP awakens. Analyst Bobby A has an even more bullish prediction, contending XRP could reach $13.
Currently, XRP trades at $0.5181, reflecting a 3.66% increase over the last 24 hours. With whale accumulation on the rise, XRP appears poised for a significant price run, potentially reaching the ambitious targets set by various analysts.
Follow us on Twitter, Facebook, Telegram, and Google News
Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
