Recent analysis of the charts on the trading floor of the Frankfurt Stock Exchange in Germany indicates that XRP may experience a significant surge of more than 2,000% this year, potentially reaching $10.
Oliver Michel, the CEO of Tokentus Investment AG, conducted this analysis during an interview with a reporter from Der Aktionär. The focus was on the anticipated performance of XRP in 2024 and the reasons behind investor optimism.
During the conversation, the reporter inquired about the noticeable contrast between the charts of Ethereum and Solana in comparison to XRP. While Ethereum and Solana showed upward trends, XRP’s chart displayed a series of declining candles.
Michel clarified that the XRP chart under examination covered a monthly perspective from 2014 to June 2024. He acknowledged that XRP has experienced minimal movement over the past year, fluctuating between $0.50 and $0.52.
Delving deeper into the analysis, Michel highlighted a wedge pattern formation in XRP from 2014 to early 2017, resulting in an initial breakout of a staggering 4,300%. He emphasized that XRP had a remarkable journey, starting at $0.006 in January 2017 and reaching $0.2522 by December, marking a 40-fold increase.
Moreover, Michel mentioned that after a brief period of sideways movement, XRP experienced a breakout rally that propelled it to an all-time high of $3.84. The CEO estimated that the trajectory of XRP from its lowest prices to the ATH represented a remarkable 39,700% increase.
The prevailing optimism surrounding XRP is rooted in its historical performance, according to Michel. He noted that the community is optimistic about witnessing significant growth following XRP’s current underperformance.
Drawing attention to a similar bullish wedge formation evolving over the years, Michel expressed his anticipation of an imminent upward breakout. He emphasized the mounting pressure and the widespread expectation within the community.
While Michel acknowledged that the breakout rally might not replicate the 40-fold increase seen in the past, he expressed contentment with a potential 20-fold gain, envisioning XRP reaching price levels of $8, $9, or $10 by the end of the year.
XRP DROPZ, a prominent community-based account, highlighted Michel’s bullish analysis shared at the Frankfurt Stock Exchange. Michel, a well-known XRP enthusiast, has publicly endorsed the asset and previously speculated on XRP’s potential as a world reserve currency.
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