A cryptocurrency analyst has released a new XRP price forecast, predicting a potential surge that could see the popular digital asset reaching $4.9. With the emergence of a traditional bull flag pattern and the 1-Day 50 Moving Average (MA) acting as a bullish trigger, the analyst is growing more confident in XRP hitting new All-Time Highs (ATH) by 2025.
The 50-day MA is a technical tool used to monitor the average closing price of a cryptocurrency over the previous 50 trading days. Dr. Dovetail, a TradingView crypto analyst, highlighted that the 1-day 50 MA, represented by the orange line in his XRP price chart, has climbed to the lower boundary of a bull flag pattern.
The analyst suggested that the price movement of XRP, which has been in a consolidation phase following a significant spike, led to the formation of the classic bull flag pattern. This bullish continuation pattern typically occurs after a strong upward momentum, followed by a correction leading to consolidation.
When a cryptocurrency consolidates near strong moving averages like the 1-day 50 MA, it signals a potential price breakout. Dr. Dovetail’s analysis and bullish XRP price prediction emphasize the importance of the 1-day 50 MA in his technical chart. The analyst believes this Moving Average could propel XRP price out of consolidation towards its next bullish target.
Considering various technical patterns and indicators, the analyst’s XRP chart indicates a potential price target of $4.93. Dr. Dovetail further stated that XRP could achieve this impressive ATH before February 2025. The volume bar on the XRP price chart reflects stable activity during the consolidation phase. Additionally, the Stochastic Relative Strength Index (RSI) at the bottom of the chart suggests that XRP may be oversold, supporting a potential breakout.
While Dr. Dovetail emphasized that his forecasts are not financial advice, he expressed confidence in the current technical setup in the XRP chart pushing its price to $4.93 this year. This target represents a 105% increase from XRP’s current market value, indicating a significant uptrend from its consolidation phase.
Update On XRP Price Analysis
According to data from CoinMarketCap, XRP is currently trading at $2.41, showing an 8.79% rise over the past week. Despite facing volatility in its attempt to reclaim its previous ATH of $3.84, XRP remains the third-largest cryptocurrency by market capitalization.
Overall, XRP has entered a consolidation phase after a sharp decline following a surge to $2 in November 2024. The cryptocurrency continues to strive towards reclaiming its all-time high achieved during the 2021 bull run, showcasing resilience in the market.
The post Predicting XRP Price Surge: The Influence of the 1-Day 50 Moving Average on Reaching $4.9 appeared first on Crypto Breaking News.
