Ripple XRP has drawn significant attention from major investors. In particular, whales have taken a great interest in the altcoin as they await a crucial court decision in the SEC’s lawsuit against Ripple Labs. This accumulation by large wallet investors suggests a promising outlook for XRP, the native token of XRP Ledger.
At press time, XRP managed to hold its price above $0.51, with market trends indicating a possible rise to the key resistance level of $0.60. Amidst this, market analyst Mikybull shared analysis and highlighted a trend that XRP is following a historical pattern potentially leading to significant gains.
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Ripple XRP’s Next Quest
Mikybull’s analysis features a monthly chart demonstrating a consistent pattern since 2014. This chart reveals that XRP has a dependable moving average indicator, which has accurately predicted major price movements for nearly a decade. This indicator is particularly significant for its “green signal,” which typically precedes major price surges.
- August 2015- February 2017: The indicator first showed a green signal during this period. During this XRP dropped to a low of $0.0050. Following these signals, the asset skyrocketed 66,100% to an all-time high of $3.31 in January 2018.
- August 2019 – October 2020: After hitting its ATH, XRP corrected sharply. The moving average indicator flashed green again, and XRP fell to a low of $0.2286. Post signal, the altcoin surged to $1.96 in April 2021.
Also Read: Ripple XRP Analysis: How High Will XRP Go By the End Of 2024?
Since the drop from $1.96, the moving average indicator has once again flashed green. This started in May 2022 during the Terra collapse. These signals persisted until recently, leading to expectations of another price rally. Relying on the historical accuracy of the moving average indicator, Mikybull predicts an imminent rally for XRP. He estimates a conservative target range of $2.4 to $3. However, he also suggests that the price go even higher if the bull market progresses.
