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Recent chart analysis on the floor of the Frankfurt Stock Exchange in Germany suggests that $XRP could soar by over 2,000% this year to $10.
This analysis was conducted by Oliver Michel, CEO of Tokentus Investment AG, during a recent interview with a Der Aktionär reporter. Specifically, the analysis focused on the potential performance of $XRP in 2024 and why investors are hopeful.
The correspondent sought clarification on the stark difference between the charts of Ethereum and Solana compared to $XRP. Unlike the uptrends observable in Ethereum and Solana, $XRP’s chart depicted falling candles.
In response, Michel explained that the $XRP chart is in a monthly view, spanning from 2014 to June 2024. He acknowledged that $XRP has shown little movement over the past year, hovering between $0.50 and $0.52.
Analyzing $XRP 20X Potential
Meanwhile, Michel pointed out that from 2014 to early 2017, $XRP formed a wedge pattern that led to an initial breakout of a whopping 4,300%. Remarkably, $XRP traded as low as $0.006 in January 2017 but soared to $0.2522 by December, marking a 40-fold increase, as the CEO pointed out.
Michel further noted that $XRP moved sideways for a few days before completing the breakout rally, which sent it to an all-time high of $3.84. He estimated that $XRP’s trajectory from its bottom prices before the ATH represented an astonishing 39,700% increase.
According to the CEO, the widespread optimism in $XRP is grounded in this historic performance. Specifically, he stated the community is hoping for this impressive percentage growth amid $XRP’s current underperformance.
Michel highlighted that the optimism stemmed from the observation that a similar bullish wedge has been forming over the years. “The pressure is building, and everyone is anticipating an upward breakout soon,” he remarked.
$XRP to $10 This Year
However, the analyst stated the breakout rally does not have to be a 40-fold increase like before. Michel noted that he would be satisfied with a 20-fold gain, where $XRP reaches price levels of $8, $9, or $10 this year.
“That would be quite nice. It’s something to hope and wait for, and that’s what I’m doing,” he remarked.
$XRP DROPZ, a prominent community-based account, highlighted this bullish analysis presented by the Tokentus Investment CEO at the Frankfurt Stock Exchange.
📈🧐 #$XRP CHART ANALYSIS IN THE FRANKFURT STOCK EXCHANGE IN GERMANY ➡️ THE $XRP CHART IS "SIGNIFICANTLY DIFFERENT THAN #SOLANA AND #ETHEREUM" ➡️ "WE HAD THIS WEDGE AT THE TIME 2014-2017 THAT WAS COMPRESSED AND WE HAD A FIRST BREAKOUT UPWARDS 4300% […] AND HAD ANOTHER BREAKOUT… https://t.co/rb8CvlJLJv pic.twitter.com/MPtZVmzJZa
— $XRP DROPZ (@DROPZXRP) June 6, 2024
Notably, Michel is a well-known $XRP bull, with his investment in the asset being public knowledge. In a previous analysis, the CEO boldly asserted that $XRP has the potential to be a world reserve currency.