Recent analysis of charts on the Frankfurt Stock Exchange in Germany indicates that XRP could potentially increase by more than 2,000% this year, reaching $10. The analysis was conducted by Oliver Michel, the CEO of Tokentus Investment AG, during an interview with a reporter from Der Aktionär. The focus was on XRP’s performance in 2024 and the reasons why investors are optimistic.
When comparing the charts of Ethereum and Solana to XRP, it was noted that while Ethereum and Solana showed upward trends, XRP’s chart displayed falling candles. Michel explained that the XRP chart covers a monthly view from 2014 to June 2024, showing little movement between $0.50 and $0.52 over the past year.
Analyzing the potential of XRP, Michel pointed out that from 2014 to early 2017, XRP formed a wedge pattern that led to a significant breakout of 4,300%. XRP started trading at $0.006 in January 2017 and rose to $0.2522 by December, marking a 40-fold increase. After moving sideways for a few days, XRP reached an all-time high of $3.84, representing an impressive 39,700% increase from its bottom prices.
The optimism surrounding XRP is based on this historical performance, with the community hopeful for a similar growth despite the current underperformance. Michel highlighted that a bullish wedge has been forming over the years, indicating an imminent upward breakout.
While Michel acknowledged that the breakout rally may not mirror the previous 40-fold increase, he expressed satisfaction with a 20-fold gain, potentially pushing XRP to $8, $9, or $10 this year. XRP DROPZ, a prominent community-based account, shared this bullish analysis presented at the Frankfurt Stock Exchange.
Michel, a well-known XRP bull, has publicly expressed his belief in XRP’s potential to become a world reserve currency. It is important to note that this content is for informational purposes only and should not be considered financial advice. Readers are advised to conduct thorough research before making any investment decisions.