The XRP price has been a constant point of worry for investors given that the altcoins seems to be frozen in time. The last time that the coin rallied was in the 2017-2018 bull and even though there has been another massive bull market since then, XRP failed to follow the rest of the market. While expectations for the altcoin have dropped dramatically, one analyst believes that the cryptocurrency could finally have its time in the spotlight, revealing targets for when this does happen.
Why XRP Could Be Gearing Up For A Bull Rally
Crypto analyst CryptoManiac101 took to the TradingView platform to share a rather interesting view of the XRP price going forward. The analyst pointed out a number of indicators that suggest that the altcoin may finally be getting ready to move. One of the major points in the analysis was the price levels and movements so far.
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The crypto analyst points out a convergence of three different moving averages in the year 2024. At the end of this is the formation of a symmetrical triangle pattern outlined in the chart. Furthermore, the convergence, which is happening around $0.51, suggests that there is consolidation going on. Now, usually, consolidation will come with accumulation, which is often good for the price, and the analyst points out that interest is rising.
Going further, the crypto analyst points to the performance of XRP over the last 11 years. This begins from 2013 and moves to present time, showing how the performance of XRP has actually flattened during this time. “Significant historical price spikes, particularly in 2017 and 2018, are visible, which is what we are looking at for 2024 and 2025 years as we see some movement consistency between the two cycles,” the analyst stated.
With interesting rising, these indicators could point toward an important breakout for the price. If this happens, the crypto analyst has outlined targets for how high the price could go.
How High Can The Price Go?
One major factor in the analyst’s prediction is the fact that such historical patterns have been previously bullish for XRP to have returned. The analyst points out that a rally usually breaks out when these patterns have seen a 75% completion. However, the current patterns have reached 88.93% completion, suggesting that a breakout is long overdue for the XRP price.
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In the event of a rally, the crypto analyst expects an at least 800% increase in price above $4. This future prediction is based on the potential of a breakout from the symmetrical triangle forming at the convergence of the three moving averages. In this case, the analyst expects a rally to $4.5 as a starting point.