XRP To Blast Off? Analyst Predicts ‘Realistic’ 5x Surge To $3
13 April 2024 - 7:09AM
NEWSBTC
XRP, the native token of Ripple, has caught the attention of market
analyst Mikybull who is calling for a potential 5x surge in the
mid-term. This bullish prediction comes amidst recent struggles for
XRP, which is currently grappling to maintain support above the
$0.60 level. Related Reading: Bitcoin Below $70,000: Is $80K Still
Possible, Or Is The Rally Over? Mikybull bases his optimism on two
key technical indicators: the two-year moving average (MA) and a
symmetrical triangle formation on the two-month chart. XRP recently
crossed above the two-year MA, a historical signifier of
significant price increases according to the analyst. This pattern
held true in late 2017 when XRP skyrocketed to its all-time high of
$3.31 after a similar crossover. XRP Technical Chart Hints At
Breakout The symmetrical triangle on the two-month chart further
bolsters Mikybull’s prediction. This pattern often precedes a
breakout, and in XRP’s case, a breakout above the triangle’s upper
trendline could propel the price towards $3.10, aligning with
Mikybull’s 5x surge target. The 2017 price surge also coincided
with a breakout from a similar triangle formation, lending
historical credence to the analyst’s view. $XRP It has climbed
above 2-yr MA in this cycle, indicating that an upward explosive
move should bring about 5x at least. It happened in 2017 and 2021
so buckle up. pic.twitter.com/KTIKys2zMy — Mikybull 🐂Crypto
(@MikybullCrypto) April 11, 2024 A Cautious Approach Still
Warranted However, cryptocurrency enthusiasts should approach this
prediction with a dose of healthy skepticism. While technical
analysis can be a valuable tool, past performance doesn’t guarantee
future results. The broader market environment can significantly
impact individual cryptocurrency prices. Furthermore, XRP is
currently facing resistance at the $0.60 level, highlighting a
potential hurdle before any significant upward climb. Total crypto
market cap is currently at $2.39 trillion. Chart: TradingView
Regulatory Landscape And Adoption Remain Key Beyond technical
indicators, the future of XRP hinges on two crucial factors: the
ongoing legal battle with the SEC and its adoption within the
financial sector. The SEC lawsuit, which accuses Ripple of selling
unregistered securities, has cast a shadow over XRP, creating
uncertainty for investors. A positive resolution in Ripple’s favor
could significantly boost investor confidence and potentially
trigger a price increase. XRP price action in the last week.
Source: Coingecko On the adoption front, Ripple’s core utility lies
in facilitating faster and cheaper cross-border payments for
financial institutions. Increased adoption of Ripple’s technology
by banks and other financial players would translate to a higher
demand for XRP, potentially driving its price upwards. Related
Reading: Uniswap Bloodbath: UNI Price Crashes 16% On SEC Lawsuit
Fears A Calculated Optimism For XRP The coming months will be
crucial for XRP as the legal battle with the SEC unfolds and its
adoption within the financial sector becomes clearer. With a mix of
technical optimism and lingering uncertainties, XRP’s journey
towards the $3 target promises to be an exciting, yet potentially
volatile, ride. Featured image from Pixabay, chart from TradingView
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