XRP to $249? Expert Projects 48,025% XRP Rally, Citing Price Correlation with BTC

Crypto analyst oaksacorn projects a 48,025% XRP rally to an ambitious $249 price, citing past and future price correlations with Bitcoin’s (BTC) movements.

The analyst made this prediction in a chart recently published on TradingView. Titled ‘Jesus Christ, Mr. Pool & Biggie Smalls,’ the chart presents a fascinating analysis of XRP’s price movements in correlation with Bitcoin’s. 

In his analysis, oaksacorn starts by drawing parallels between Bitcoin (BTC) and its 2015 cycle, implying that BTC is likely following a similar trajectory. 

According to this hypothesis, BTC could reach a staggering $215,000 by September 2024, potentially paving the way for XRP to surge to $43. It’s a bullish scenario that hinges on BTC’s historical patterns.

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However, what truly piques the interest of the crypto community is the subsequent forecast. If Bitcoin replicates its 2015 to 2017 cycles, oaksacorn suggests that BTC could trade at a mind-boggling $1,247,000. 

Extrapolating from this, the analyst speculates that XRP could reach an astonishing $249. Interestingly, this price point would necessitate an extraordinary 48,025% rally. As a result of the rate of increase, market participants remain skeptical.

The CM Ultimate MA

It bears mentioning that oaksacorn leveraged a custom indicator named the CM Ultimate MA, developed by seasoned analyst Chris Moody. This indicator relies on complex algorithms, harnessing the power of moving averages to analyze an asset’s price movements. 

Notably, when XRP enters a downtrend, the indicator signals a red sign, indicating a bearish phase. Conversely, when XRP embarks on an upward trajectory, it illuminates a green sign, symbolizing a bullish sentiment.

At the time of oaksacorn’s analysis, XRP exhibited a red sign on the CM Ultimate MA indicator, suggesting that a potential downtrend was in play. 

However, the analyst speculates that once the green signals appear, it could herald the commencement of XRP’s ascent toward the coveted $249 mark.

XRP’s Journey to $249

The projected journey towards this remarkable price begins with an initial target of $7. If XRP successfully breaches this level, the next milestone would be $34. 

Nonetheless, oaksacorn anticipates a minor retracement after the $34 high, followed by a period of consolidation. This consolidation phase could mark a period of gathering strength before the ultimate push towards the $249 price target.

Achieving $249 for XRP would necessitate a surge of 48,025% from the current price of $0.5174. While such a rally is not unprecedented for XRP, replicating it this time poses unique challenges due to the asset’s current valuation.

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• Source: https://thecryptobasic.com/2023/09/30/xrp-to-249-expert-projects-48025-xrp-rally-citing-price-correlation-with-btc/?utm_source=rss&utm_medium=rss&utm_campaign=xrp-to-249-expert-projects-48025-xrp-rally-citing-price-correlation-with-btc