Bitcoin Analyst Predicts Huge Bullish Wave Will Move XRP Above $4 in this Cycle
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 HighIn 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
- Mikybull
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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