XRP, one of the most well-known cryptocurrencies, is in a crucial phase that could lead to a major price increase, according to crypto analyst Mikybull. In his recent analysis, he described the current situation of XRP as a “technical time bomb waiting to explode.”
He sees clear parallels with the market conditions of 2017, when XRP suddenly surged in value after a similar period of consolidation.
A New Breakout for XRP?
Mikybull, a seasoned market strategist, shared a long-term chart of XRP that shows a classic pattern. Currently, the price of XRP is moving in a tight consolidation area, which has often been a harbinger of significant price increases in the past. He compares the current situation to 2017, when XRP suddenly increased in value after a period of little movement.
In 2017, XRP went through a quiet phase where the price moved within a narrow range. After this period, the price suddenly broke out and started a strong rise, eventually reaching an all-time high. Although the trend reversed in 2018 and XRP dropped in value, the current price action again shows similarities with the situation before the major breakout.
What do the technical indicators say?
According to Mikybull, current technical signals indicate that XRP is ready for another big move. For example, the Bollinger Bands, an indicator that measures volatility, have contracted strongly. This often indicates an upcoming strong price move, similar to the situation in 2017.
In addition, another analysis shows that XRP is currently moving within a large triangle-shaped chart and is close to a breakout point. Although the breakout could go both up and down, many experts expect that XRP will likely skyrocket as it did before.
Even typically cautious analysts indicate that the downside risk for XRP appears to be small at the moment, given current market signals.
How High Can XRP Go?
While Mikybull didn’t make exact predictions in his latest analysis, he has previously indicated that a $4 price point for XRP could be achievable. However, this is a lot more conservative than some other predictions, with some expecting XRP to make a massive surge like it did in 2017, possibly even reaching $300.
Currently, XRP is trading at $0.58, which is a drop of 84.75% from its all-time high. Despite this drop, many analysts believe that the current situation could lead to an explosive price increase in the near future.
Source: https://newsbit.nl/staat-ripple-xrp-op-het-punt-van-een-explosieve-uitbraak/
