Prominent Bitcoin analyst Mikybull forecasts a dramatic increase in the price of XRP. After analyzing a three-year symmetrical triangle pattern on XRP’s weekly chart, the analyst believes the asset is ready to break out and potentially surge 942%, reaching a target price of $6.
XRP’s Breakout Pattern and Potential Rally
Mikybull’s optimism stems from XRP’s recent breakout from a consolidation pattern that formed in the wake of the 2021 bull market. In a post on X, he maintains that a decisive close above this key technical level would confirm the end of the downtrend and trigger a significant price increase.
$XRP has just broken out of the symmetrical triangle and the closure above it will send it higher.
Pattern potential target: $6 pic.twitter.com/WEphjq99UF
— Mikybull 🐂Crypto (@MikybullCrypto) March 3, 2024
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This bullish outlook for XRP coincides with a broader resurgence in the altcoin market, which has surpassed a $1 trillion market capitalization. Furthermore, Bitcoin’s surge to new all-time highs bolsters the analyst’s confidence that this altcoin season could be particularly strong. Mikybull has highlighted XRP as one of several cryptocurrencies with exceptional growth potential.
Retest Phase and Buying Opportunity
Mikybull notes that XRP is currently in a retest phase, a common occurrence after a breakout. Once the retest is complete, he expects a major upward move toward unprecedented price levels.
In a more recent update, the analyst underscored that XRP’s breakout phase is complete, paving the way for a forceful bullish movement with a price target ranging from $1 to $6.
The analyst sees the current moment as a last chance to acquire XRP before its anticipated price explosion. Vandell Aljarrah, co-founder of Black Swan Capitalist, echoed this sentiment.
Aljarrah pointed out that many individuals have had years to buy XRP, yet some are considering selling right before the bullish surge. This perspective challenges those who may doubt the wisdom of holding the digital asset despite its relatively subdued performance compared to other crypto products.
An X User, KD, replying to Vandell’s comment, declared he will be holding his XRP token for at least a decade, in his words “Probably people that have done 0 research, I’ve only held xrp for a year or so and I’m loosing patience but I’ve done my homework and I’m never selling my xrp for at least a decade, minimum”
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— TimesTabloid (@TimesTabloid1) July 15, 2023
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Important Note
Coinmarketcap data reveals that XRP is currently trading at $0.5753. A 942% rally would be necessary to reach the analyst’s projected target of $6.
It’s crucial to note that cryptocurrency markets are highly volatile. Analyst predictions are not a guarantee of future performance. Before making any investment decisions, always conduct thorough research and consider your risk tolerance.
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