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According to a market analyst, the recent XRP drop below $0.6 forms part of a retest pattern that will see its prices rise up to $6 later this cycle.
After an impressive increase in March, the price of XRP has witnessed a significant decline. From its monthly top at $0.73, the cryptocurrency has shed most of its gains alongside the broader crypto market, trading around $0.62 at the time of writing.
Nonetheless, seasoned trader MikyBullCrypto believes there is no cause for alarm. According to him, XRP’s current price action is a retest following the recent breakout of a multi-year symmetrical triangle. He believes this will set the tone for prices to go much higher.
Going through the trail, the analyst first shared on March 3 that XRP had broken out of a symmetrical triangle and that a close above that range would send prices high. However, XRP failed to close sufficiently above that range until when it traded as high as $0.73 on March 11.
At the time, the coin looked set to keep rising but failed to follow through as a bearish trend crept into the market. Now, XRP continues to trade with a possible breakout range and could witness a parabolic rally once market conditions improve.
In the event of such an outcome, the analyst forecasts that XRP could go as high as $6, following a historical pattern set in 2014 and 2017.
XRP trading chart between 2021 and 2024 mirrors the previous cycle, bringing a glimmer of hope for XRP bulls amid the current downtrend.
$XRP
Currently on retest after breaking out and now looking ready to send it higher🚀 https://t.co/rmhauwRciU pic.twitter.com/3kYabZXmmB
— Mikybull 🐂Crypto (@MikybullCrypto) March 18, 2024
Will XRP Bounce Back Stronger?
The volatile and unpredictable nature of the cryptocurrency market means investors typically rely on previous patterns to predict future price action. Despite bullish projections across the board, the future remains uncertain.
As previously covered by The Crypto Basic, some forecast that XRP price will rise to $3.80 before or right after Bitcoin’s halving.
Others argue that a surge to $10 will not be entirely surprising, given XRP’s history. Still, others use a perceived conservative target of $5.85 when predicting XRP’s future price.