O XRP Price Continues to Disappoint Investors who expect it to have already surpassed $1 as Ripple’s battle with the United States Securities and Exchange Commission (SEC) is coming to an end. However, this has not discouraged investors and traders who believe there is big news in store for the altcoin.
Pseudonymous crypto analyst Mikybull has been bullish on the price of XRP for a long time, taking to X (formerly Twitter) to once again reiterate his stance that the altcoin will perform well. In early March, Mikybull presented analysis that showed that the price of XRP is poised for a run of over 800%.
At the time, the crypto analyst highlighted that XRP broke out of a symmetric triangle, which is bullish for the price. A similar breakout occurred in 2017, which led to an over 1,000% increase in price, which Mikybull references in the analysis. However, like the rest of the crypto market, XRP it ended up falling when the price of Bitcoin fell from $73,000 to $61,000. But now that the market is starting to recover, the crypto analyst believes the altcoin is primed for a big move.
Throughout March, Mikybull consistently talked about this prediction, especially as the price retested several resistance points. Then, on Monday, March 25, the crypto analyst shared another chart showing that the price of XRP has completed its retest and is ready to move higher.
Completed your retest and is now preparing for an explosive upward move🚀
🎯Goals: $1-$6 https://t.co/3Vsr67s32z pic.twitter.com/Dbdu2kVhpa
– Mikybull 🐂Crypto (@MikybullCrypto) March 25, 2024
Mikybull shared that the targets for this move are between $1 and $6, with the upper limit of this target being an 833% move from its current price.
When will XRP price reach this target?
While Mikybull doesn’t present a specific timeframe in their analysis, the charts shared do provide some insight into when they expect this shift to occur. XRP. Just like in 2017, the crypto analyst expects the rally to occur in the same year as the symmetric triangle breakout, meaning it could happen this year.
The breakout could happen mid-year and that would mean it would happen after the Bitcoin halved It’s complete. This is not surprising given that the Bitcoin halving is considered the ultimate bullish signal and the altcoin rally once Bitcoin Price he meets.
Currently, the XRP the price is showing a lot of strength after rising 11.73% last week. It is currently trading at $0.648 at the time of writing, with a market cap of $35.5 billion, making it the sixth largest cryptocurrency by market cap.
Token price trending at $0.64 | Source: XRPUSDT on Tradingview.com
Featured image from Bitcoinist, chart from Tradingview.com
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