XRP price performance has been lacklustre, and it is barely reactive to the ongoing crypto market frenzy. However, enthusiasts believe the token will pick up soon.
Bitcoin analyst Mikybull says a massive incoming bullish wave could move XRP above $4. Also, these assertions were based on XRP’s historical candlestick patterns on the chart since it began trading.
Bullish Wave to Drive XRP above All-Time High
In an April 9 X post, Milkybull asserted that XRP will exceed $4. His analysis hinges on XRP chart patterns from late 2017. Recall that XRP reached an all-time high value of $3.40 on January 7, 2018.
A huge bullish tide is about to turn on pic.twitter.com/pxXGHfHeZc
— Mikybull ????Crypto (@MikybullCrypto) April 9, 2024
According to Milkybull’s XRP chart, the incoming bullish wave is similar to the one that moved XRP to its all-time high. So, he believes it will be the catalyst for XRP’s ascent above $4.
Mikybull presented a two-week chart showing XRP’s historical candlestick patterns. The phase before the bullish trend is marked by red colours on the chart, and a rally follows shortly after. A similar chart pattern was observed in the 2021 bull run when the bullish tide drove XRP’s price close to $2.
In an earlier forecast last month, Milkybull tipped the coin to break out of a symmetrical triangle pattern. According to the analyst, if XRP breaks out of the triangle pattern, then the potential profit target will be $6.
Based on his analysis, XRP went through a retest phase after the breakout pattern observed on the chart. This positions the asset for a massive bullish rally in the coming weeks.
Further, Milkybull listed XRP among the altcoins that are set for a progressive rally. He noted that the altcoin market cap has crossed the $1 trillion mark. So, this altcoin season will likely surpass the previous ones, and XRP will be among the prime beneficiaries.
#Altcoins market cap has broken above $1T while #Bitcoin is 10% away from the previous ATH.
The #Altseason 2024 will be a kind not seen before!
These are ripe alts that are looking good for mid-term:$XRP$MATIC$AI$ACE$PIXEL$NEAR
???? pic.twitter.com/GX2XyMnY7a
— Mikybull ????Crypto (@MikybullCrypto) March 3, 2024
Nonetheless, the analyst did not give a definite timeline for this price increase for XRP. However, he believes it will happen before this bullish Cycle concludes.
What’s Next?
A close look at the XRP weekly chart reveals a downtrend from July to September 2023. However, a rally began late in September and continued till November 2023.
The same pattern repeated itself, with a decline later in November till January 2024. Remarkably, XRP rallied in February and found critical support at the $0.58 price level. This implies that more buyers opened new long positions at this level, resulting in a price increase.
XRP has formed a green candle this week, with the long upper wick suggesting buyers’ pressure. The buyers are attempting to force a rally above the $0.65 resistance level for the asset.
Additionally, the Relative Strength Index (RSI) indicator is rising out of the neutral zone with a value of 54.32. If the RSI moves above 60, then the rally will likely be sustained in the coming weeks.
The Moving Average Convergence/Divergence (MACD) is above its signal line, confirming buying pressure. So, XRP will likely rally in the coming weeks and break above the $0.65 resistance level. If this happens, then $0.9 could likely be the next target.
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