TradingView analyst Heikin Ashi suggested that XRP is in the midst of an explosive bull market and could see a 710-fold price surge to hit $305.
Recent post At X, Ashi looked at XRP’s candlestick patterns on the monthly timeframe to identify bullish signals. He highlighted that the current patterns are strikingly similar to past trends, suggesting that the coming months could be lucrative for XRP holders.
Of note, this analysis is based on the assumption that XRP will continue to Discouraging performancehitting its lowest price in over a year. Yesterday, XRP bottomed out at $0.3911 but has recovered slightly and is trading at $0.4286 at the time of writing. At this value, XRP has lost over 18.22% in its monthly performance.
Meanwhile, analysts like Ashi believe that XRP’s current trajectory is consistent with events from previous periods that were followed by intense price increases, and he sees a similar scenario unfolding soon.
Monthly Historical Observations
According to his analysis, XRP first exhibited a long-term downward trend during the monthly period from 2014 to 2015. At the time, XRP was trading at two zeros and bottoming out at around $0.003 in mid-2014. By the start of 2015, XRP had already surged ten-fold and was trading at around $0.025.
A similar event occurred between 2016 and 2017, when XRP was again trading with two leading zeros. After the initial bottom, XRP saw a brief period of price growth, but then saw a violent rally in Q4 2017.
Notably, the analyst’s charts point out that XRP’s monthly patterns form a symmetrical triangle between the 2014 bottom, the subsequent high, and the new bottom in 2017. This formation set the stage for an aggressive rally that propelled XRP to an all-time high of $3.84 by January 2018. Specifically: XRP surges over 75,000% During this period.
After reaching record highs, XRP entered a downtrend and hit a bottom of $0.14 in early 2020. The bull market in 2021 allowed XRP to recover briefly, reaching $1.96 in April of that year, while the subsequent bear market saw the asset’s price fall to around $0.3 in the second half of 2020.
On a monthly basis, XRP’s candlesticks have formed another symmetrical triangle between the two bottoms in 2020 and 2023 and the short-term rally in 2021. Analyst Ashi believes this situation is setting the stage for another intense price rally. A striking echo of these historical patterns.
#XRPUSDT About Monthly TF
See how clear all the points and retraces are in these fractals…
History rhymes!!!!
The next few months… #0 Suspicion #XRPCommunity https://t.co/OYkKG1yY4q pic.twitter.com/OeVE6wyBLO— LUDXRPFLR🇳🇱☀️⚡ (@ludnlxrp) July 2, 2024
XRP Could Rise 71,061% to $305
He predicts that the monthly patterns that emerged in 2017 will re-emerge this season. Notably, he overlaid the sharp fluctuations of 2017 onto XRP’s current pattern, suggesting that XRP could rise to $305 by 2026. This price level would represent a staggering 71,061% growth for XRP.
Notably, the chart suggests that the expected price rise will be gradual, initially rising to $1.2 and $2, which will then form the base for further increases. It jumped to $6 and $16 before the final price came to $305.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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