Crypto Analyst Predicts XRP Price Will Rally 800% To $6, Here’s When
The XRP price continues to disappoint investors who expect that it would’ve crossed $1 by now since Ripple’s battle with the United States Securities and Exchange Commission (SEC) is nearing its end. However, this has not discouraged investors and traders who believe that there are big things in store for the altcoin.
Crypto Analyst Predicts XRP Will Reach $6
Pseudonymous crypto analyst Mikybull has been bullish on the XRP price for a long time, taking to X (formerly Twitter) to, once again, reiterate their stance that the altcoin is going to do well. At the start of March, Mikybull had put forward an analysis that showed that the XRP price is primed for an over 800% run.
At the time, the crypto analyst pointed out that XRP had broken out of a symmetrical triangle, which is bullish for the price. A similar breakout had taken place back in 2017 which led to an over 1,000% increase in the price, and Mikybull references in the analysis. However, like the rest of the crypto market, XRP ended up dipping as the Bitcoin price crashed from $73,000 to $61,000. But now that the market is starting to recover, the crypto analyst believes that the altcoin is primed for a big move.
Over the course of March, Mikybull has consistently talked about this prediction, especially as the price retested various resistance points. Then, on Monday, March 25, the crypto analyst shared another chart showing that the XRP price has completed its retest and is ready to move upward.
It has concluded its retest and it’s now preparing for an explosive upward move
Targets: $1-$6 https://t.co/3Vsr67s32z pic.twitter.com/Dbdu2kVhpa
— Mikybull Crypto (@MikybullCrypto) March 25, 2024
Mikybull shared that the targets for this move lie between $1 and $6, with the upper end of this target being an 833% move from its current price.
When Will The XRP Price Hit This Target?
While Mikybull does not present a particular timeframe in their analysis, the charts shared provide some insight into when they expect this move to occur for XRP. Just like in 2017, the crypto analyst expects the rally to take place in the same year as the breakout from the symmetrical triangle, which means it could happen this year.
The breakout could happen toward the middle of the year and this would mean that it would happen after the Bitcoin halving is completed. This is not surprising given that the Bitcoin halving is regarded as the ultimate bull signal and altcoins rally once Bitcoin’s price picks up.
Presently, the XRP price is showing a lot of strength after rallying 11.73% in the last week. It is currently trading at $0.648 at the time of writing, with a market cap of $35.5 billion, which makes its the 6th-largest cryptocurrency by market cap.
Filed under: Bitcoin - @ March 26, 2024 10:00 pm