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.
It is important to note that this article provides informational content and should not be considered financial advice. The opinions expressed are solely those of the author and do not reflect The Crypto Basic’s viewpoint. Readers are advised to conduct thorough research before making any investment decisions, as The Crypto Basic is not liable for any financial losses.
