American wealth advisor Mickle is optimistic about the potential of XRP, believing that it is forming a moon pattern that could lead to significant returns for investors. However, XRP has not been immune to the recent crypto sell-off caused by Bitcoin’s volatility. It hit a new low of $0.5446 today after briefly reaching a four-month high of $0.65 last week. Despite a slight recovery from its low, XRP remains below the $0.6 range.
Mickle’s analysis focuses on the historical behavior of XRP, particularly the period between 2013 and 2017 when it exhibited a symmetrical triangle pattern. During this time, XRP’s price ranged from a peak of $0.0485 to a low of $0.0055. However, XRP eventually broke out of this pattern and reached an all-time high close to $4.
Mickle points out that during this period, XRP faced criticism and was dismissed as a “crap coin” with no potential for use. Yet, it experienced a parabolic surge that resulted in over 70,000% gains. Mickle believes that XRP’s current behavior suggests the formation of a similar symmetrical triangle pattern, indicating the possibility of a rally.
Drawing a comparison to Apple’s early stock, which saw over 5,000% gains, Mickle expects XRP to perform even better, with a potential return of 100,000%. However, critics disagree with this optimistic estimation, citing XRP’s current market cap. Conservative estimates project XRP reaching a range of $2 to $5 if the symmetrical triangle pattern breaks to the upside.
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