Investors in XRP have long been concerned about the stagnant price movement of the altcoin, especially during a time when the rest of the market has seen significant growth. The last notable rally for XRP was during the 2017-2018 bull run, and since then, the coin has failed to keep up with the pace set by other cryptocurrencies. However, one analyst, CryptoManiac101, believes that there could be a change on the horizon for XRP.
Crypto analyst CryptoManiac101 recently shared insights on the TradingView platform regarding the future price movement of XRP. One key observation made by the analyst was the convergence of three different moving averages in 2024, forming a symmetrical triangle pattern on the chart. This convergence, occurring around $0.51, indicates consolidation in the market, which is often a positive sign for price movements. The analyst also noted a rise in interest, suggesting that accumulation may be underway.
Looking back at XRP’s performance over the past 11 years, the analyst highlighted that the coin has experienced periods of significant price spikes, particularly in 2017 and 2018. Drawing parallels between these previous cycles and the current one, the analyst suggested that a breakout similar to those seen in the past could be on the horizon for 2024 and 2025. With current indicators pointing towards a potential rally, the analyst outlined price targets for XRP in the event of a breakout.
The analyst’s prediction is based on historical patterns that have previously been bullish for XRP. Typically, a rally breaks out when these patterns have seen 75% completion, but in this case, the current patterns have reached 88.93% completion. This suggests that a breakout is long overdue for XRP, and if it does occur, the analyst expects an 800% increase in price, with a starting point of above $4.5. The symmetrical triangle forming at the convergence of the moving averages hints at a potential rally towards $4.
While XRP has been in a state of stagnation for quite some time, there are signs that a change may be on the horizon. With key indicators pointing towards a potential breakout, investors in XRP may have reason to be hopeful for the future. It will be interesting to see how these predictions pan out in the coming years and whether XRP will finally have its time in the spotlight in the crypto market.
