In the latest bullish prediction for XRP, pseudonymous analyst Cryptobilbuwoo0 predicted an immense surge to $6. His optimistic outlook comes from a golden cross on the weekly chart, indicating a price explosion.
Cryptobilbuwoo0 stressed the similarities between XRP’s rally in the 2020/21 cycle and the current one. XRP experienced a substantial surge in January 2021, and the analyst shows that the current behavior of the digital asset matches that from Jan 2021.
Read Also: Top Analyst Forecasts XRP Price Surge to $11, Says $1.5T Market Cap is Attainable
To comprehend the potential for a price surge, we must look back at XRP’s historical movements. In 2020, XRP formed a bullish golden cross in October, when the 25-week moving average crossed above the 50-week moving average. This golden cross triggered a massive rally, sending XRP to a high of $0.79 in November 2020.
This moment was pivotal as it marked the end of a persistent downtrend that had plagued XRP for months. However, the surge could not cross $0.79 and was followed by a brief corrective phase. XRP made a remarkable comeback, breaking through the $0.79 resistance and reaching a high of $1.96 in Apr 2021. This sequence of events is strikingly similar to what we’re witnessing now.
The analyst believes that history might be repeating itself right now as XRP broke above a multi-month descending trendline once again. This is a notable event that coincided with another weekly Golden Cross. The breakout was significant because it coincided with Ripple’s partial victory in July, and sent XRP to a high of $0.9479 in July.
However, as was the case in the previous cycle, XRP met strong resistance after this surge, leading to a correction of its gains. But Cryptobilbuwoo0 doesn’t see this as the end. He predicts that the July rally is just the beginning of something bigger. He anticipates another upsurge for XRP soon.
Read Also: ChatGPT Elaborates On What Ripple’s Victory Means For XRP Price
Based on historical performance, Cryptobilbuwoo0 predicts that XRP could rise to the range of $5.3 to $6. XRP is trading at 0.4868, up 0.19% in the last 24 hours. A jump from its current price would mean an 1132.53% surge.
As with any cryptocurrency analysis, it’s essential to exercise caution and consider the inherent volatility in the crypto market. However, the historical patterns and golden crosses presented by Cryptobilbuwoo0 suggest that XRP could be gearing up for an impressive rally. XRP investors might be in for an exciting ride if history repeats itself.
Follow us on Twitter, Facebook, Telegram, and Google News
The XRP price has surged significantly recently, experiencing an impressive 60% rally. As the token…
The crypto world is buzzing with excitement this week, and for good reason. President-elect Donald…
Ethereum (ETH) has long dominated the cryptocurrency space, setting itself as the foundation for decentralized…
As we look to 2025, the battle between token prices like the Dogecoin price and…
XRP, a digital asset often criticized for its lackluster price movements, has recently demonstrated remarkable…
HO CHI MINH, Vietnam, 17th November 2024, Chainwire