thecryptobasic.com
Prominent market analyst Mikybull has reaffirmed his optimism in XRP, asserting that its mid-term realistic target is a 5x surge to $3 after crossing above the 2-year MA.
XRP currently trades at a pivotal position, looking to hold firm above the $0.60 psychological level. The most recent market-wide turbulence pushed XRP below this level on April 1, transforming it from support to resistance. However, it recently breached the resistance, but struggles to maintain a spot above it.
However, these struggles have not dampened Mikybull’s confidence. In one of his recent analyses, the market watcher stressed that XRP has crossed above the 2-year moving average (MA) on the 2-month chart, noting that this move signals a potential explosive surge.
XRP Crosses 2-Year MA
Data from an accompanying chart confirms that XRP breached the 2-year MA between August and September last year, and has continued to stay above this mark despite the market uncertainty and its persistent underperformance against the rest of the crypto market.
$XRP
It has climbed above 2-yr MA in this cycle, indicating that an upward explosive move should bring about 5x at least.
It happened in 2017 and 2021 so buckle up. pic.twitter.com/KTIKys2zMy
— Mikybull 🐂Crypto (@MikybullCrypto) April 11, 2024
Mikybull’s optimism comes from historical data, which indicates that a cross above the 2-year MA typically leads to a substantial price surge. This pattern occurred in 2017 after XRP underperformed at the start of the year despite the broader market recording impressive price surges during the pre-bull run phase.
XRP climbed above the 2-year MA in late 2017, and eventually skyrocketed to the all-time high of $3.31 in January 2018. Following the collapse from the $3.31 high, XRP dropped below the 2-year MA in early 2019 as it slumped to the $0.3 territory.
Interestingly, XRP crossed above the indicator for the second time in early 2021. This crossover again resulted in a price pump to the $1.96 high in April 2021. Nonetheless, XRP saw another decline that saw it collapse below the MA.
A Possible 5x Mid-Term Surge to $3
Now that it has crossed above the indicator for the third time, Mikybull expects a similar price surge, citing the result of the last two movements. Notably, another bullish pointer is the formation of a symmetrical triangle on the 2-month timeframe.
Before its meteoric rise from late 2017 to early 2018, XRP traded within a symmetrical triangle which formed when it dropped from the $0.0614 high in December 2013. The cross above the 2-year MA in late 2017 coincided with a breakout from this triangle, further bolstering the upsurge.
Data confirms that XRP currently trades within a similar symmetrical triangle, which formed when it dropped from the $1.96 high in April 2021. Mikybull expects a subsequent breakout to the upper trendline of the triangle, with analysis projecting a 5x surge as the realistic mid-term target, leading to $3.1.