XRP has recently garnered attention from cryptocurrency analyst Mikybull Crypto (@MikybullCrypto), who suggests a significant bullish wave is imminent.
In a recent XRP analysis, Mikybull Crypto argues that a historical price pattern repetition indicates a potential surge for XRP.
Read Also: XRP Is Set For Massive Price Rally. Here’s why
The chart showed XRP’s historical price movements from its inception on a 2-week chart. He emphasized the late 2017 price chart patterns that culminated in XRP’s all-time high of $3.84 in January 2018.
A huge bullish tide is about to turn on pic.twitter.com/pxXGHfHeZc
— Mikybull 🐂Crypto (@MikybullCrypto) April 9, 2024
Can XRP Recapture Past Glory?
Mikybull Crypto pinpoints a prominent bullish wave in late 2017 that propelled XRP to its all-time high of $3.84 in January 2018. He separated a preliminary phase marked with red and orange on the chart, signifying a pre-bullish trend. This pre-bullish trend eventually transitioned into a robust bullish trajectory. However, this momentum eventually subsided, leading to a period of consolidation.
Interestingly, Mikybull Crypto’s analysis unveils a similar pattern during the 2021 bull run. He highlighted the same red and orange zone which preceded a bullish wave that drove XRP to $1.96. By drawing parallels between historical and current market cycles, Mikybull Crypto proposes the potential for a similar bullish surge in the ongoing cycle.
Can XRP Breach its All-Time High?
While Mikybull Crypto refrains from explicitly stating a specific target price for XRP, he set a mid-term target of $1.5 and a long-term target of $6. He set these targets based on his observations of symmetrical triangle formations on XRP’s charts and contends that the downtrend for XRP may be nearing its conclusion, citing a breakout from the aforementioned symmetrical triangle pattern.
Mikybull Crypto’s chart shows that XRP has already “Flipped Green,” representing the bullish turn that leads to massive surges.
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Read Also: XRP to $6? Top Analyst Shares Bullish Expectations
When Will the Bullish Trend Emerge?
Mikybull Crypto did not specify an exact time for XRP’s massive climb. Although it could occur before the end of the current bull cycle, some community members have lost faith in the digital asset.
One X user expressed skepticism of Mikybull Crypto’s analysis and another accused Ripple of dumping XRP. The user believes the company will dump their XRP holdings when it goes up 10 cents, leading to a decline and preventing the digital asset from reaching new highs.
However, Ripple’s Chief Technology Officer (CTO) David Schwartz has addressed these concerns, and there has been no definitive proof of the company dumping its XRP holdings for profit.
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