A prominent analyst has observed a bullish trend for XRP on the monthly time frame, suggesting realistic price targets between $2 and $4 for this cycle.
XRP has recently dipped below the $0.60 mark, experiencing a 2% decline in the last 24 hours to trade at $0.5961. This drop has resulted in a negative trend for XRP’s weekly performance. Despite this, XRP still shows an impressive gain of over 26% over the past 30 days.
Analyst's Optimistic Outlook
Prominent analyst Coin Signal has expressed optimism about XRP’s future based on its monthly candlestick pattern. In a recent post on X, the analyst highlighted the bullish nature of XRP’s monthly chart and set a realistic target of up to $4 for its continued upward trend.
Details of the Analysis
The analysis examined XRP’s 30-day pattern over the past decade, identifying the formation of two symmetrical triangles. The first triangle formed between 2014 and early 2017, culminating in a massive 70,000% surge to an all-time high after the trend reversed at the triangle’s tip.
A second symmetrical triangle has emerged since XRP’s 2018 all-time high of $3.84. According to Coin Signal, this formation suggests that XRP is poised to reach a new all-time high once the trend reverses.
Realistic Targets for XRP
Based on this analysis, Coin Signal argued that realistic targets for XRP in the current bull cycle are between $2 and $4.
"XRP's Monthly Chart is Bullish 🚀 Realistic Target This Cycle: $2 – $4. Buying Price: $0.53," Coin Signal tweeted.
For XRP to reach the lower range of this target, it would need to surge by 235%. While this represents an impressive gain, it falls short of XRP’s all-time high of $3.84. To reach the upper boundary of $4, XRP would need to rally by 571%, setting a new historical high for the asset.
The analyst also anticipates XRP retesting a low of $0.53, which he considers a favorable buying point before the rally towards $2 and $4.
Diverging Analyst Opinions
While Coin Signal sees $4 as a realistic target for XRP, other market watchers have more ambitious expectations. Analyst Heikin Ashi recently suggested that XRP’s monthly candle indicates a potential 71,000% price surge to $305 in this bull market. Other analysts have proposed similarly high price points based on various technical parameters.
However, conservative analysts argue that such lofty price targets are unrealistic and unattainable for an asset with a market cap of over $25 billion.
In conclusion, while opinions vary, the analysis of XRP's monthly chart by Coin Signal presents a bullish outlook with realistic targets of $2 to $4. Investors and traders will be watching closely to see if XRP can achieve these targets in the current bull cycle.
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