$XRP Hasn’t Had A Bull Cycle Since 2017, Analyst Reveals What Will Happen When It Does
XRP Price Analysis: Potential for a Bull Rally in 2024
- XRP has been a concern for investors, seemingly stagnant since its last significant rally during the 2017-2018 bull market. Despite another massive #BullMarket since then, XRP hasn't followed the broader market trend. Expectations for the altcoin have significantly dropped, but one analyst believes XRP could soon enter the spotlight with impressive price targets.
Why XRP Could Be Preparing for a Bull Rally
- Crypto analyst CryptoManiac101 shared an optimistic view of XRP's future on TradingView. The analyst highlighted several indicators suggesting that XRP might be gearing up for a significant move. Key points include the convergence of three different moving averages in 2024, forming a symmetrical triangle pattern around the $0.51 level, indicating consolidation and potential accumulation, which bodes well for price increases.
- The analyst also reviewed XRP's performance over the past 11 years, noting significant price spikes in 2017 and 2018. This historical performance, when compared to current patterns, suggests a possible repeat in 2024 and 2025, as the cycles show consistency in movement.
Potential Price Targets
- The analyst suggests that historical patterns, which have been bullish for XRP, usually lead to a rally after 75% completion of the pattern. Currently, these patterns have reached 88.93% completion, indicating a breakout is overdue.
- In the event of a rally, the analyst predicts an increase of at least 800%, pushing the price above $4. This prediction is based on a potential breakout from the symmetrical triangle formed by the converging moving averages. The analyst expects the rally to start at around $4.5.
- This analysis implies that XRP could be on the verge of a significant price surge, driven by historical patterns and current market indicators.
Source - newsbtc.com
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