When an altcoin has a strong community, there are usually many crypto analysts posting price predictions and analysis about that coin.
One of the leaders in this category is XRP, without a doubt.
The XRP price is currently trading around $0.6 after bouncing off $0.4 lows earlier this month.
However, the price seems to be cooling off since then. As a reminder, the SEC rescheduled the meeting behind closed doors that allegedly about Ripple, now it’s scheduled for July 25th.
Viral XRP Price Forecast
Crypto analyst “Mikybull” who has over 70k followers posted a viral XRP price prediction today. He noted that XRP price is about to break out of the 6-year consolidation. He predicts that this breakout will be massive, followed by a long sustained enormous rally.
$XRP is about to break out of the 6-year consolidation.The breakout will be massive, followed by a long sustained enormous rally.I won't be sidelined in the upcoming move! pic.twitter.com/y3vn60b29N
— Mikybull Crypto (@MikybullCrypto) July 21, 2024
On his chart, it’s visible that his price target is around $6.5 area. This would represent an incredible 983% increase from the current price levels, a move that would certainly turn heads in the crypto community.
When a price breaks out of a long-term consolidation, like the 6-year period Mikybull mentions for XRP, it often signifies a major shift in market sentiment. This extended period of sideways trading typically builds up significant pressure, which can lead to explosive price movements once a breakout occurs.
However, it’s important to note that breakouts can occur in either direction, and not all predicted breakouts materialize as expected.
Read also: Crypto Trader Predicts Where Is the Solana Price Headed Next – SOL ‘Eyes’ $1000
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