XRP’s recent price slump may be nearing its end, with a prominent analyst predicting a “parabolic pump” on the horizon. This surge, if it materializes, could mirror a similar price movement observed in 2017, when XRP skyrocketed by 600x.
Prominent crypto analyst, JD (@jaydee_757), who accurately called the market bottom in January 2022, believes XRP is currently positioned within a symmetrical triangle pattern. This technical indicator often precedes significant price breakouts, and Jaydee highlights that a similar pattern in 2014 preceded XRP’s meteoric rise.
#XRP – monthly close is Wednesday! Currently looking at the Symmetrical Triangle & MACD
Last time we were w/in a Symmetric Triangle, MACD crosses above 0 which cause the breakout w/PARABOLIC MOVE!
All I know is 2024 will be the year!💪
RT/Like for monthly update next week!… pic.twitter.com/ckMVnpg1kD
— JD 🇵🇭 (@jaydee_757) January 28, 2024
Read Also: Analyst Spots XRP Historical Bull Flag, Explains Its Significance On XRP Price Bull Run
The imminent crossover of the Moving Average Convergence Divergence (MACD) indicator that is currently above zero also bolsters Jaydee’s prediction. This technical signal has historically coincided with bullish XRP price movements.
The analyst points out that the last time the MACD crossed above zero inside a symmetrical triangle, a parabolic move ensued, and he expects the same result from XRP’s current position.
An Ambitious Prediction
While some XRP holders have grown weary of waiting for a price rebound, JD urges them to hold onto their positions. He emphasizes that 2024 could be the year for the long-awaited XRP breakout, urging investors to avoid becoming “dumb money” by selling before the potential surge. JD advised against joining the dumb money crowd late last year when he highlighted these same price movements.
It is important to remember that technical analysis is not foolproof, and past performance does not guarantee future results. However, Jaydee’s analysis can reinforce the faith of XRP holders who have been discouraged by the asset’s disappointing price movements.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
XRP Drops Again
XRP has dropped below $0.5 in a move that few believed would happen. The digital asset is currently trading at $0.4989, with a 1.21% decline over the last 24 hours.
Although XRP briefly dropped below USDC to #7, it has regained its #6 position, with a market cap of $27.11 billion, while USDC has a market cap of $26.77. XRP’s position is still under threat, as a further decline or a USDC surge will send it back to #7.
Read Also: Crypto Pundit Pinpoints Major Issue That Stalls XRP Price Over the Last 5 Years
While the digital asset’s recent price decline has been concerning, JD’s analysis provides a compelling reason for optimism. The upcoming MACD crossover and the historical precedent set by the historical triangle pattern suggest that a parabolic pump for XRP could be imminent.
Meanwhile, another analyst recently suggested that a bullish run is on the horizon for XRP, and anyone who can hold on despite the turbulence could come out with millions on the other side.
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