In the latest report by pseudonymous market analyst Moonshilla, it is predicted that XRP will experience a significant price surge, potentially reaching above $110 once a breakout occurs. Moonshilla identifies an attractive entry point on the 44-day chart.
Over the past seven weeks, XRP has been consolidating between a high of $0.5703 and a low of $0.4665. This period of consolidation is also evident on the 44-day chart. Interestingly, this consolidation follows a series of uptrends and downtrends that XRP has experienced since its all-time high of $3.31 in January 2018. Moonshilla’s chart data reveals that XRP has been oscillating within a symmetrical triangle pattern since 2018.
Three months ago, World of Charts identified a similar symmetrical triangle formation on the 3-day chart, but Moonshilla’s triangle has persisted for six years, indicating a higher likelihood of a significant price increase upon a successful breakout.
While a breakout could occur in either direction, Moonshilla is confident that an upward push is imminent. With XRP currently trading at $0.5201, the current 44-day candle is still within the symmetrical triangle. However, Moonshilla expects a breakout this month and believes that the current candle could close above the upper trendline of the triangle.
Moonshilla sees this as an opportunity for investors to enter the XRP market, as it aligns with his projection of an uptrend. If XRP closes above the upper trendline of the symmetrical triangle on June 24, Moonshilla advises investors to acquire more XRP tokens.
In terms of XRP accumulation, there is a divergence of trends among different tiers of XRP holders. While those holding 1 million to 10 million XRP and 100 million to 1 billion XRP have distributed 140 million XRP over the past two weeks, investors holding between 10 million and 100 million tokens have accumulated 390 million XRP in the same period.
Despite these contrasting trends, overall accumulation has been slow. The Accumulation/Distribution metric has remained stable at 9.9 billion XRP since April, indicating no clear shift to accumulation or distribution due to market uncertainty. However, Moonshilla expects a spike in accumulation once XRP closes above the triangle.
If this happens, Moonshilla predicts a massive price spike that could ultimately result in XRP surpassing $110. Achieving this target would require XRP to rally by 21,049%, pushing its market cap to $6 trillion. While some analysts have similar breakout points, their price targets are less ambitious. For example, Bitcoin proponent Emily suggests that XRP could reach $10, while World of Charts expects a symmetrical triangle breakout to propel XRP towards $5.
It is important to note that this article is for informational purposes only and should not be considered financial advice. The views expressed are the author’s personal opinions and do not reflect those of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not liable for any financial losses incurred.