Is XRP Ready for a Major Breakout? Analyst Calls Setup a “Technical Time Bomb”
The post Is XRP Ready for a Major Breakout? Analyst Calls Setup a “Technical Time Bomb” appeared first on Coinpedia Fintech News
XRP is currently facing tough challenges, just like the rest of the crypto market, as prices hover in a tight range. However, prominent crypto trader Mikybull Crypto has labeled XRP’s chart a “technical time bomb,” hinting at an impending explosion in price. This raises hopes that XRP could be gearing up for a significant surge, reminiscent of its explosive rise in 2017.
XRP Set for a Major Breakout?
In a recent tweet post, Mikybull compared today’s price movements of XRP to those from 2017. He shared a long-term chart that shows XRP’s price is now stuck in a tight range. Historically, when XRP has been in this situation, it often leads to a big price increase, making many investors hopeful for a breakout soon.
Meanwhile, “It’s looking like a 2017 kind of price action formation,” Mikybull noted, recalling the explosive rise XRP experienced after a similar period of stability seven years ago.
$XRP
Analysts refer to this chart as a technical time bomb waiting for an explosion.
It’s looking like a 2017 kind of PA formation
pic.twitter.com/Y6z1firfQ2
— Mikybull
Crypto (@MikybullCrypto) September 18, 2024
In 2017, XRP saw a time of quiet trading with small price changes. Then, suddenly, it surged and hit an all-time high. However, the trend turned downward in 2018, leading to different price patterns.
Currently, XRP’s chart displays a compression of the Bollinger Bands, an indicator of market volatility. Historically, when these bands tighten, it signals that an asset is gearing up for a substantial price move.
The Anticipation of a Breakout
XRP is also trading within a massive triangle pattern, nearing a crucial breaking point. While analysts acknowledge that a breakout could occur either upward or downward, the consensus is leaning toward an upward movement. Some skeptics, considering various indicators, have noted that the downside risk for XRP appears low.
XRP Price To Hit $4
Mikybull is optimistic about XRP’s future, viewing it as a technical time bomb ready to explode. While he did not specify exact price targets in this latest analysis, he previously suggested a realistic target of $4. Other analysts are even more ambitious, with projections soaring as high as $300, referencing the historic rally of over 75,000% seen in 2017.
As of now, XRP is priced at $0.58, reflecting an 84.75% drop from its all-time high of $3.4. With excitement building in the community, the big question remains: is XRP about to make a significant breakout? All eyes are on how XRP will handle this important moment.