thecryptobasic.com
Market analyst Cryptobilbuwoo expects XRP to reach an audacious $589 price based on a market structure that resulted in the 2017 historic rally.
XRP has consolidated between $0.48 and $0.51 since Saturday, awaiting the perfect opportunity to secure a breakout. Amid the market uncertainty, it has held above the $0.50 psychological threshold, currently up 1.67% over the last 24 hours.
XRP Historical Performance
While its short-term trajectory remains uncertain, market analysts such as Cryptobilbuwoo believe XRP’s long-term prospects are majorly bullish. In a chart presented by media personality Amonyx, Cryptobilbuwoo identified multiple patterns on the XRPUSD and XRPBTC charts that suggest an imminent price rally.
In the XRP/BTC chart, the analyst called attention to a descending triangle that XRP traded within from 2015 to early 2017 as Bitcoin outperformed it within this timeframe. Interestingly, XRP flipped the switch in early 2017 when it broke out of the descending triangle, outperforming Bitcoin.
XRP spiked from a low of 0.00000479 BTC in February 2017 to a high of 0.00006110 BTC in March of that year, eventually hitting the Fibonacci 0.618 resistance point. This roadblock led to an XRP correction against Bitcoin, resulting in a drop to 0.00002273 BTC in April 2017.
After this retracement, XRP witnessed more substantial growth, reaching a peak value above the 0.0002248 Bitcoin mark in May 2017. This 0.0002248 BTC price aligned with the resistance at the Fib. 1.618 retracement.
Data from the XRP/USD chart confirms the spikes in XRP’s price during this period, which led to a substantial increase against Bitcoin. However, on the XRPUSD chart, XRP’s initial surge to $0.3988 aligned with a breach of the Fib. 1.618 level and the recovery push toward the ATH of $3.3 came on the back of a break above Fib. 2.382.
A $589 XRP Target
Current Market movements suggest XRP is trading within the same pattern on the XRP/USD and XRP/BTC charts. On the XRP/USD chart, the analyst expects a surge to $33, aligning with the Fib. 1.618 level. After a mild consolidation, Cryptobilbuwoo projects a recovery rally, which would allow XRP to hit $589.
At its current price of $0.5063, XRP must skyrocket by a massive 116,234% to clinch the $589 price, a level that most market watchers believe is unattainable.
The $589 narrative previously took center stage in the XRP community. The tweets below show how eager the community is to see XRP at $589.
It seems that most of the XRP community would hate to wake up tomorrow to a $589 XRP, as this would mean they could no longer accumulate it. But then again $589 is still cheap and actually nothing compared to what is actually coming! pic.twitter.com/hvySrx0RpY
— Dr. Huber🔥🦅🔥 (@Leerzeit) May 7, 2024
Investors Pulling Funds off Exchanges
Meanwhile, XRP has continued to witness bullish sentiments, leading to sustained exchange outflows despite Ripple’s recent move to sell. According to data from Coinglass, since April 6, exchanges have observed net outflows in XRP, as market participants continue to pull out their funds.
Notably, the biggest daily outflow within this period saw $48.55 million worth of XRP move out of exchanges on April 12, the largest intraday figure in over a year. This trend has continued, contributing to the reduction of selling pressure. XRP is up by a meager 1.44% this month.