The price of XRP continues to disappoint investors who expect it will surpass $1 now since Ripple's battle with the US Securities and Exchange Commission (SEC) is nearing its end. However, this has not discouraged investors and traders who believe that there are big things in store for the altcoin.
A cryptocurrency analyst with the pseudonym Mikybull has been bullish on the price of XRP for a long time, taking to X (formerly Twitter) to once again reiterate his position that the altcoin will do well. At the beginning of March, Mikybull presented an analysis that showed that the price of XRP is poised to rise by more than 800%.
At the time, a cryptocurrency analyst noted that XRP had broken through the symmetrical triangle, which was bullish for the price. A similar breakout occurred in 2017 resulting in a price increase of more than 1,000%, Mikybull points out in the analysis. However, like the rest of the cryptocurrency market, XRP ended up falling as the price of Bitcoin collapsed from $73,000 to $61,000. But now that the market is starting to recover, a cryptocurrency analyst believes the altcoin is poised for a big move.
Over the course of March, Mikipol has consistently talked about this prediction, especially as the price has retested various resistance points. Then, on Monday, March 25, the cryptocurrency analyst shared another chart showing that the XRP price has completed its retest and is ready to move higher.
It has completed its retest and is now preparing for an explosive upward move🚀
🎯Goals: $1 – $6 https://t.co/3Vsr67s32z pic.twitter.com/Dbdu2kVhpa
— Mikybull Crypto (@MikybullCrypto) March 25, 2024
Mikybull shared that the targets for this move are between $1 and $6, with the upper limit of this target being an 833% move from its current price.
When will the price of XRP reach this target?
While Mikybull does not provide a specific time frame in his analysis, the charts shared provide some insight into when they expect this move to occur for XRP. Just like in 2017, the cryptocurrency analyst expects the rally to occur in the same year as the breakout from the symmetrical triangle, meaning it could happen this year.
The breakout could happen in the middle of the year meaning it will happen after the Bitcoin halving is complete. This is not surprising given that the Bitcoin halving is considered the ultimate bullish signal and altcoins rise as soon as the Bitcoin price rises.
Right now, the XRP price is showing a lot of strength after rising 11.73% in the past week. It is currently trading at $0.648 at the time of writing, with a market cap of $35.5 billion, making it the sixth largest cryptocurrency by market cap.
Token price trending at $0.64 | Source: XRPUSDT on Tradingview.com
Featured image from Bitcoinist, chart from Tradingview.com
