Bitcoin analyst Mikybull predicts a massive bullish wave for XRP, potentially pushing its price above $4.
Mikybull has also identified a $6 target for XRP, derived from his observation of symmetrical triangle formations.
While the exact timing of the bullish wave is uncertain, Mikybull believes it will occur before the current bull market phase concludes.
In a recent analysis, Bitcoin analyst Mikybull has drawn attention to a potentially massive bullish wave that could propel XRP, the digital asset associated with Ripple, above the $4 mark. The analyst’s findings, based on a 2-week chart depicting XRP’s historical candlestick patterns, suggest that “a huge bullish tide is about to turn on” for the cryptocurrency.
Mikybull’s analysis examines the chart patterns from late 2017, during which a significant bullish trend propelled XRP to reach its all-time high of $3.84 in January 2018.
The analyst highlights the red colors on the chart, which signaled a pre-bull trend that later transitioned into a bullish movement. Following this bullish phase, the momentum slowly diminished, resulting in a period of consolidation.
$XRPA huge bullish tide is about to turn on pic.twitter.com/pxXGHfHeZc
— Mikybull Crypto (@MikybullCrypto) April 9, 2024
Interestingly, Mikybull identified a similar pattern during the 2021 bull season, where the resurgence of a bullish tide pushed XRP to nearly $2. Now, the analyst has spotted a burgeoning bullish wave in the current market cycle, with the potential to propel XRP beyond $4 during the ongoing bull season.
XRP analyst confirms a breakout
At press time, XRP is trading at $0.6131. For the cryptocurrency to reach the $4 mark, it would require a price expansion of over 552%. While this may seem like a daunting task, Mikybull’s analysis suggests that such a surge is within the realm of possibility.
In addition to the $4 target, Mikybull has also previously identified a $6 target for XRP. He derived this figure from his observation of symmetrical triangle formations on XRP’s charts. The analyst proposed that a closure above the symmetrical triangle pattern would drive the asset higher, with a specific target of $6.
In Mikybull’s subsequent analysis, it was noted that XRP experienced a retest phase after the previously observed breakout pattern. The analyst then verified that XRP had successfully concluded the breakout retest and was currently positioned to experience strong bullish momentum.
While Mikybull has not explicitly stated when the much-anticipated bullish wave will occur, he believes it will materialize before the ongoing bull market phase concludes. This prediction has generated significant interest among XRP investors and enthusiasts, who are eagerly awaiting the potential price surge.