An unusual yet reliable measure on the monthly chart is indicating that XRP may be on track to reach a price range of $2.4 to $3. Market analyst Mikybull recently shared this insight in a detailed analysis of XRP’s movements. He presented a monthly chart that revealed a noticeable pattern that XRP had followed since 2014, leading to a significant rally in 2017 and an all-time high price.
The chart also highlighted a dependable indicator that has consistently predicted XRP’s price movements for almost a decade. Notably, market data suggests that whenever XRP is about to experience a significant price increase, this indicator, which is essentially a moving average, displays a green signal that lasts for a few months.
Looking back at historical data, this indicator first displayed its green signal from August 2015 to February 2017, during which XRP dropped to a low of $0.0050. Interestingly, following these green signals, XRP experienced a substantial rally, skyrocketing by 66,100% from the $0.005 low in February 2017 to its all-time high of $3.31 in January 2018.
After reaching the $3.31 high, XRP underwent a sharp retracement. During this correction, the moving average once again displayed green signals from August 2019 to October 2020, with XRP falling to a low of $0.2286. Following the flashing of these signals, XRP surged once again, reaching $1.96 in April 2021.
Following the subsequent crash from $1.96, XRP has now witnessed the emergence of green signals. These signals began flashing in May 2022 during the collapse of the Terra ecosystem and persisted until recently. With the signals now fading away, Mikybull anticipates an upcoming price rally.
The analyst predicts that XRP will rally towards the price range of $2.4 to $3. However, he considers this target to be conservative, as he believes prices could potentially go much higher, especially as the bull market matures.
Several market watchers, including Mikybull, expect XRP to break out soon, with multiple price projections. For example, crypto analyst EGRAG recently highlighted a “launching channel” that could push XRP to $6.4. Matthew Dixon, CEO of crypto rating platform Evai, set a target of $0.62 when the “sleeping giant” in XRP awakens. Additionally, analyst Bobby A suggested that XRP could reach $13.
Currently, XRP is trading at $0.5181, showing a 3.66% increase in the last 24 hours. It aims to capitalize on a resurgence of whale accumulation to achieve impressive price gains and reach these ambitious price targets.
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