Oliver Michel, CEO of Tokentus Investment AG, recently shared his analysis of XRP’s potential during an interview with a Der Aktionär reporter. The discussion, which took place on the floor of the Frankfurt Stock Exchange, centered on XRP’s price performance in 2024 and the reasons behind investor confidence.
Michel explained that XRP’s price has been relatively stagnant over the past year, hovering between $0.50 and $0.52 according to its monthly chart from 2014 to June 2024. This lack of movement contrasts sharply with the recent price fluctuations of Ethereum and Solana, as the reporter pointed out during the interview.
However, Michel emphasizes a historical trend that fuels investor optimism. Between 2014 and early 2017, XRP exhibited a wedge pattern in a significant breakout, registering a staggering 4,300% increase. During this period, the price of XRP surged from a low of $0.006 in January 2017 to $0.2522 by December, reflecting a 40-fold rise.
This breakout was preceded by a period of sideways movement, after which XRP continued its upward trajectory, reaching an all-time high of $3.84. Michel calculates that the total increase from XRP’s pre-bull run lows translates to a remarkable 39,700% gain.
Drawing upon this historical performance, Michel believes there’s a basis for the current optimism surrounding XRP. Given the cryptocurrency’s recent underperformance, investors are hopeful for a similar surge in price.
The emergence of another bullish wedge pattern over the years further strengthens this sentiment. “The pressure is building, and everyone is anticipating an upward breakout soon,” Michel remarked.
While acknowledging the possibility of another dramatic price increase, Michel tempers expectations. He suggests that a 20-fold gain, which would propel XRP to a price range of $8-$10 might be a more realistic target for 2024. “That would be quite nice. It’s something to hope and wait for, and that’s what I’m doing,” he stated.
It’s important to note that Michel is a known XRP proponent, and his investment in the cryptocurrency is publicly known. In a previous analysis, he expressed his belief in XRP’s potential to evolve into a global reserve currency.
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