Renowned market analyst Moonshilla has predicted that XRP will experience a significant surge and surpass $110 following a breakout. In his latest report on XRP’s price movements, Moonshilla has identified an attractive entry point on the 44-day chart. Over the past seven weeks, XRP has been consolidating between a high of $0.5703 and a low of $0.4665, leading to a consolidation pattern on the 44-day chart.
This consolidation phase is particularly interesting as it follows a series of uptrends and downtrends that XRP has experienced since its all-time high of $3.31 in January 2018. Moonshilla’s chart data reveals that XRP has been oscillating within a symmetrical triangle since 2018, indicating a significant price pump potential upon a successful breakout.
This symmetrical triangle formation has persisted for six years, which is longer than a similar triangle formation identified by World of Charts three months ago on the 3-day chart for three years. This extended duration increases the likelihood of a substantial price increase following a breakout. While a breakout could occur in either direction, Moonshilla is confident that an upward push is imminent.
With XRP currently trading at $0.5201, the current 44-day candle is within the symmetrical triangle. However, Moonshilla expects a breakout this month, with a strong conviction that the current 44-day candle will close above the upper trendline of the triangle. He sees this as an opportunity for investors to enter the XRP market, further solidifying his projection of an uptrend. If XRP closes above the upper trendline of the symmetrical triangle on June 24, Moonshilla advises investors to acquire more XRP tokens.
Amidst market uncertainty, there is a divergence of trends among different tiers of XRP holders. Those holding 1 million to 10 million XRP and 100 million to 1 billion XRP have distributed 140 million XRP over the past two weeks, while investors holding between 10 million and 100 million tokens have accumulated 390 million XRP in the same period, according to Santiment data. Despite these contrasting trends, accumulation has been relatively slow, with the Accumulation/Distribution metric remaining stable at 9.9 billion XRP since April. Moonshilla anticipates a spike in accumulation once XRP closes above the triangle.
If XRP achieves this breakout, Moonshilla expects a massive price spike that could potentially drive its value above $110. This ambitious target would require XRP to rally by 21,049% and result in a market cap of $6 trillion. While other analysts have also predicted breakout points, their targets have been less ambitious. For example, Bitcoin proponent Emily believes XRP could reach $10, while World of Charts expects the breakout to propel XRP towards $5.
It’s important to note that this article is for informational purposes only and should not be considered financial advice. The views expressed here are the author’s personal opinions and do not reflect those of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.