An unusual yet reliable measure on the monthly chart indicates that XRP may experience a price range between $2.4 and $3. Market analyst Mikybull recently revealed this in an analysis of XRP’s movements. He presented a monthly chart that showed a pattern XRP has followed since 2014, leading to a significant rally in 2017 and an all-time high price.
The chart also displayed a dependable indicator that has accurately predicted XRP’s price movements for nearly ten years. Interestingly, whenever XRP is about to experience a substantial price increase, this indicator, which is a moving average, flashes a green signal that lasts for a few months.
Looking at historical data, this indicator first flashed its green signal from August 2015 to February 2017, during which XRP dropped to a low of $0.0050. Following these green signals, XRP experienced a massive rally, surging by 66,100% from the $0.005 low in February 2017 to an all-time high of $3.31 in January 2018.
After reaching the $3.31 high, XRP underwent a sharp retracement. During this correction, the moving average once again flashed green signals from August 2019 to October 2020, and XRP dropped to a low of $0.2286. Following these signals, XRP surged again, reaching $1.96 in April 2021.
Following a subsequent crash from $1.96, XRP has recently seen the emergence of green signals. These signals started flashing in May 2022 amid the collapse of the Terra ecosystem and continued until recently. Now that the signals have disappeared, Mikybull expects a subsequent price rally.
The analyst predicts that XRP will rally towards the price range of $2.4 to $3, but he believes this is a conservative target. He emphasizes that prices could go much higher, especially as the bull market matures.
There are also other high price targets for XRP. Earlier this month, Mikybull stated that the drop to the $0.4235 low in April marked the bottom for XRP. Additionally, other market watchers expect XRP to break out soon, with multiple price projections. For example, crypto analyst EGRAG highlighted a “launching channel” that could take XRP to $6.4. Matthew Dixon, CEO of crypto rating platform Evai, set a target of $0.62 when the “sleeping giant” in XRP awakens. Analyst Bobby A even suggested that XRP could potentially reach $13.
Currently, XRP is trading at $0.5181, showing a 3.66% increase over the last 24 hours. It aims to capitalize on a resurgence of whale accumulation to achieve impressive price gains towards these high price targets.
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