In a recent price analysis, market analyst Mikybull presents an XRP monthly chat showing the token’s pattern since 2014 before its 2017 rally.
The analyst presented a rarely used but reliable indicator that has correctly predicted the XRP XRP’s price trajectory for the past decade. According to Mikybull, this metric suggests XRP will potentially rally between $2.4 and $3.
Crypto Analyst Mikybull Spots Historical Bullish Signal for XRP
The indicator is a moving average, which displays a green signal that remains stable for a few months. Notably, the Moving Average indicator first displayed a green signal from August 2015 to February 2017. Within this period, XRP dipped to a low of $0.0050.
$XRP conservative bull target for this cycle is $2.4-$3.
A rare indicator that never fails. pic.twitter.com/kQFrBJRImw
— Mikybull 🐂Crypto (@MikybullCrypto) May 10, 2024
After the indicator’s green signals, XRP recorded a 66,100% rally from $0.0050, hitting its 2018 all-time high of $3.31. However, a swift retracement followed.
The second time this indicator flashed green signals was between August 2019 and October 2020. During this period, XRP declined to a low of $0.02286 before rallying again to $1.96 in 2021.
This indicator has flashed green signals after slipping $1.9. The signals emerged during the Terra ecosystem implosion in May 2022, which birthed the 2022 bear market.
And since then, the green signals have persisted. Mikybull believes XRP is about to witness another bullish ride, which could propel it to $2.4 and $3.
$XRP
This is looking super bullish given that the bottom has been confirmed and is currently in preparation for an explosive move.
The chart below will silence your doubt! pic.twitter.com/5cxwXOtEv9
— Mikybull 🐂Crypto (@MikybullCrypto) May 3, 2024
However, several factors will also influence XRP’s price moving forward. One significant factor is the ongoing case between Ripple and the U.S. Securities and Exchange Commission (SEC). The SEC has filed its final response in the case, stating that its action is necessary to prevent violations.
However, Ripple insists that they did not act recklessly and that their legal status as non-security stands. Hopefully, a victory for Ripple will help XRP to live up to its true potential and clear uncertainty among investors.
Will XRP Break Above $0.52?
XRP’s price at 9:26 a.m. EST is $0.51, up 1.5% within 24 hours. The token faces notable bear pressure and resistance on the daily chart after breaking above the $0.49 price level.
The buyers attempt to force a rally above the $0.52 price level, but the sellers limit the recovery rally.
XRP is trading below the Parabolic SAR indicator, which indicates a price dip ahead for the asset. Based on today’s selling pressure, XRP could return to the $0.49 support.
Also, the Relative Strength Index indicator is in the neutral zone with a value of 47.76. The sideways movement of the RSI indicator confirms traders’ indecision in the market today. Based on these indicators, it will likely decline in the coming days before the buyers re-enter the market.
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