Seasoned market analyst Mikybull remains bullish on XRP, predicting a significant mid-term price surge to potentially reach $3. This optimistic forecast aligns with XRP’s recent breach of the 2-year moving average (MA) on the 2-month chart.
XRP’s Pivotal Price Point
According to data from CoinMarketCap, XRP has been trading around the critical $0.60 level. This price point has fluctuated between acting as support and resistance.
Recent market turbulence and market conditions have however pushed XRP below this level as the cryptocurrency currently trades at $0.5119.
Read Also: XRP Finally Breaks 2-Year Trendline, Is 504x Rally Similar To 2017 Bull Market Incoming?
The Significance of Crossing the 2-Year MA
Despite recent market developments, Mikybull in a post on X emphasizes the importance of XRP crossing above its 2-year MA. Historical analysis shows this technical indicator can signal substantial price increases for the cryptocurrency.
A chart accompanying his analysis confirms that XRP initially breached the 2-year MA sometime between August and September of last year and has generally remained above it, despite periods of underperformance compared to the overall crypto market.
Historical Context for Optimism
Drawing on historical patterns, Mikybull sees parallels between XRP’s current situation and previous bullish phases. In late 2017, after a period of underperformance, XRP crossed above its 2-year MA and subsequently skyrocketed to its all-time high of $3.31 in January 2018. The digital asset similarly crossed this indicator in early 2021, again leading to a price surge – reaching a high of $1.96 in April of that year.
Potential 5x Surge on the Horizon
After crossing the 2-year MA for the third time, Mikybull anticipates another potential price increase for XRP, referencing the outcomes of previous breaches. Additionally, he highlights a symmetrical triangle pattern in the 2-month timeframe offering further indication of upward momentum.
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Read Also: Analyst Shows XRP’s Potential For $3 Price Amid Legal Battle and Market Downturn
The analyst sees parallels with XRP’s price action in late 2017 when a symmetrical triangle pattern formed before it decisively broke out alongside a cross above the 2-year MA.
Current technical analysis suggests a possible repeat trajectory, with a breakout from the current triangle potentially leading to a substantial mid-term surge. Mikybull has set a realistic target of $3.1 in the event of a breakout.
It’s important to note that market conditions are subject to change, and past performance does not guarantee future results. Investors should conduct comprehensive research and assess their risk tolerance before making any investment decisions.
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