Bitcoin Analyst Says This Huge Bullish Tide Can Take XRP Above $4

Bitcoin Analyst Says This Huge Bullish Tide Can Take XRP Above $4

Time Stamp: April 10, 2024 4:02 AM
Bitcoin Analyst Says This Huge Bullish Tide Can Take XRP Above $4 PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Bitcoin analyst Mikybull recently called attention to a forthcoming massive bullish wave that could send XRP above the $4 territory.

He disclosed this in his latest XRP analysis, asserting that “a huge bullish tide is about to turn on” for XRP. The analyst presented a 2-week chart mirroring XRP’s historical candlestick patterns since it started trading.

Giant Wave Sending XRP above $4

His focus was on the late 2017 chart patterns. Mikybull illustrated a towering bullish wave that propelled XRP to its all-time high of $3.84 in January 2018. He highlighted a preceding phase, marked by red colors, indicative of a pre-bull trend, which eventually gave way to a bullish trajectory.

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However, this bullish momentum gradually waned, leading to a subsequent consolidation phase. Mikybull’s analysis revealed a similar pattern during the 2021 bull season, where the resurgence of a bullish tide drove XRP to nearly $2.

Now, the analyst has identified a burgeoning bullish wave in the current market cycle. His chart illustrates the potential for this wave to propel XRP beyond $4 during the ongoing bull season.

At the time of reporting, XRP is trading at approximately $0.6131. A surge above $4 would require a price expansion of over 552%.

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A $6 Target Also in Focus

While Mikybull did not explicitly specify the price point at which he expects XRP to reach, in previous analyses of XRP, he identified a $6 target. This figure came from his observation of symmetrical triangle formations on XRP’s charts. 

Mikybull suggested that XRP’s downtrend days were limited, noting that the asset had broken out of the symmetrical triangle pattern. He asserted that a closure above it would drive XRP higher, with a specific target of $6.

In a follow-up analysis, he pointed out that XRP underwent a retest phase following the breakout pattern observed earlier. Mikybull later confirmed that it had successfully completed the breakout retest and was now poised for a powerful bullish momentum.

Meanwhile, Mikybull has not explicitly stated when the much-anticipated bullish would occur. However, he believes it will materialize before the ongoing bull market phase concludes.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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