For quite some time, investors have been concerned about the seemingly stagnant XRP price, especially with the altcoin’s failure to rally alongside the rest of the market in recent years. The last significant surge in XRP price was witnessed during the 2017-2018 bull run, leaving many with diminished expectations for the cryptocurrency. However, one analyst, CryptoManiac101, believes that XRP might finally be gearing up for a breakthrough.
Taking a look at the historical performance of XRP, the analyst highlighted the coin’s movements over the past 11 years, starting from 2013 to the present. Despite periods of significant spikes in 2017 and 2018, the general trend has been a flattening of XRP’s price. The analyst noted that similarities between these previous bullish cycles and the current market conditions could indicate a potential breakout in the near future.
In a recent analysis shared on the TradingView platform, CryptoManiac101 pointed out several indicators suggesting that XRP could be on the verge of a significant move. One notable observation was the convergence of three different moving averages in 2024, forming a symmetrical triangle pattern around the $0.51 mark. This convergence typically signals consolidation, which often paves the way for price accumulation.
The analyst emphasized that interest in XRP is on the rise, further supporting the case for a potential breakout. When historical patterns are considered, a rally usually occurs when these indicators reach a 75% completion. However, in the current scenario, the patterns are already at an 88.93% completion, indicating that a breakout is long overdue for the XRP price.
If a rally does materialize, the analyst has set targets for how high the price could soar. Based on the formation of the symmetrical triangle at the convergence point of the three moving averages, the analyst anticipates at least an 800% increase in price, surpassing the $4 mark. Furthermore, the initial target for the rally is projected to be around $4.5, signaling a potentially significant uptrend for XRP.
While XRP has shown signs of stagnation in recent years, analysts like CryptoManiac101 suggest that the cryptocurrency could be on the brink of a major breakout. By examining historical patterns and technical indicators, the analyst paints a bullish picture for XRP’s future price movements. If the predicted rally unfolds as anticipated, XRP investors could be in for substantial gains in the coming years. It remains to be seen whether XRP will indeed break out and reach the projected targets, but the potential for an upward surge in price certainly presents an intriguing opportunity for investors.