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š„š„Market Veteran Sets āMid-Term Realisticā XRP Target at $3 After Cross Above 2-Year MA
Prominent market analyst Mikybull has reaffirmed his optimism in XRP, asserting that its mid-term realistic target is a 5x surge to $3 after crossing above the 2-year MA.
XRP currently trades at a pivotal position, looking to hold firm above the $0.60 psychological level. The most recent market-wide turbulence pushed XRP below this level on April 1, transforming it from support to resistance. However, it recently breached the resistance, but struggles to maintain a spot above it.
However, these struggles have not dampened Mikybullās confidence. In one of his recent analyses, the market watcher stressed that XRP has crossed above the 2-year moving average (MA) on the 2-month chart, noting that this move signals a potential explosive surge.
A Possible 5x Mid-Term Surge to $3
Now that it has crossed above the indicator for the third time, Mikybull expects a similar price surge, citing the result of the last two movements. Notably, another bullish pointer is the formation of a symmetrical triangle on the 2-month timeframe.
Before its meteoric rise from late 2017 to early 2018, XRP traded within a symmetrical triangle which formed when it dropped from the $0.0614 high in December 2013. The cross above the 2-year MA in late 2017 coincided with a breakout from this triangle, further bolstering the upsurge.
Data confirms that XRP currently trades within a similar symmetrical triangle, which formed when it dropped from the $1.96 high in April 2021. Mikybull expects a subsequent breakout to the upper trendline of the triangle, with analysis projecting a 5x surge as the realistic mid-term target, leading to $3.1.š„
