XRP, the digital asset associated with Ripple, may be on the verge of a massive bullish wave, according to Bitcoin analyst Mikybull. In his recent analysis, Mikybull highlighted a potential surge that could drive XRP’s price above $4, with a target of $6. The analyst based these predictions on historical candlestick patterns and symmetrical triangle formations observed in XRP’s charts.
Mikybull’s analysis compared the late 2017 chart patterns, which led to XRP’s all-time high of $3.84 in January 2018, to the current market cycle. The analyst noted similarities in the pre-bull trend and subsequent bullish movement, followed by a period of consolidation. Similarly, during the 2021 bull season, XRP experienced a resurgence that pushed its price to nearly $2, indicating a potential bullish wave in the ongoing bull market.
At the time of writing, XRP is trading at $0.6131, requiring a price expansion of over 552% to reach the $4 mark. While this may seem like a challenging task, Mikybull’s analysis suggests that it is feasible. Furthermore, the analyst has identified a $6 target for XRP based on symmetrical triangle formations on the charts, proposing that a closure above this pattern would drive the asset higher.
Mikybull also observed that XRP recently underwent a retest phase after the breakout pattern, confirming its successful completion and positioning for strong bullish momentum. Although the timing of the anticipated bullish wave remains uncertain, Mikybull believes it will materialize before the current bull market phase concludes. This prediction has sparked significant interest among XRP investors and enthusiasts eagerly anticipating a potential price surge.