thecryptobasic.com
Prominent Bitcoin analyst Mikybull has proclaimed that $XRP is set for a potential eight-fold increase to $6 soon.
This assertion stems from Mikybull’s analysis of $XRP’s breakout from a symmetrical triangle pattern spanning three years, as observed on the weekly timeframe. Specifically, the analyst observed the breakout through $XRP’s pattern since the 2021 bull season, in which $XRP has been consolidating with lower prices.
$XRP Prime for 859% Surge to $6
The analyst believes the downtrend is over, having spotted a breakout from the established symmetrical triangle pattern. He asserted that $XRP closing above the observed point would set the stage for an 859% surge to $6.
Notably, Mikybull expressed this bullish outlook for $XRP as the altcoin market has surpassed the $1 trillion threshold, with Bitcoin establishing a new all-time high.
Accordingly, the analyst voiced confidence that this cycle’s altcoin season would be unprecedented. He listed $XRP alongside five other digital assets he believes are on track for astonishing performance soon.
$XRP Completing Retest Phase
In a subsequent update on $XRP, Mikybull revealed that $XRP was undergoing a retest phase following the observed breakout pattern. He reiterated that $XRP was getting set for a significant surge to unprecedented price levels.
In a follow-up post, the analyst highlighted that $XRP had completed the breakout phase and was now gearing up for a powerful upward movement. He emphasized that $XRP is poised to target between $1 and $6 when the bullish rally commences.
Last Buying Opportunity
While awaiting the projected bullish rally for $XRP, Mikybull remarked in a more recent update that the crypto community is witnessing the final buying opportunity for $XRP before the asset takes off.
Responding to this update, Vandell Aljarrah, co-founder of Black Swan Capitalist, pointed out the irony of the situation for individuals who are pessimistic about $XRP. Aljarrah stated individuals have had ample time over the years to purchase $XRP but are now considering dumping their holdings just before the anticipated bull run.
Indeed. People have had years to buy $XRP and now they are selling their $XRP right before the bull run. How dumb are people?
— Vandell | Black Swan Capitalist (@vandell33) March 29, 2024
Aljarrah’s perspective aimed to challenge those who believe holding onto $XRP may no longer be prudent, given that the asset has continued to underperform even six months into the current bullish phase of the cycle.
At press time, $XRP trades at $0.58; to attain $6, as the Bitcoin analyst suggested, $XRP must rally 859% rally.