As Ripple's battle with the U.S. Securities and Exchange Commission (SEC) draws to a close, the XRP price continues to disappoint investors who expected it to be above $1 by now. However, this should not discourage investors and traders who believe that big things are in store for altcoins.
Cryptocurrency analyst Mickey Bull has long been bullish on the XRP price, and he reiterated his position on X (formerly Twitter) that altcoins will do well. In early March, Mikybull had proposed analysis showing that XRP price is poised for an increase of over 800%.
At the time, crypto analysts noted that XRP had broken out of the symmetrical triangle, which is bullish for the price. Mikybull references a similar breakout in 2017, when prices rose more than 1,000%. However, like other cryptocurrency markets, XRP ultimately fell as Bitcoin price crashed from $73,000 to $61,000. But now that the market is starting to recover, crypto analysts believe altcoins are poised to make a big move.
Throughout March, Mikybull has consistently talked about this prediction, especially as price retests various resistance points. And on Monday, March 25th, the cryptocurrency analyst shared another chart showing that XRP price has completed a retest and is poised to rise.
We have finished retesting and are currently preparing for an explosive rise 🚀
🎯Goal: $1-$6 https://t.co/3Vsr67s32z pic.twitter.com/Dbdu2kVhpa
— Mikybull 🐂Crypto (@MikybullCrypto) March 25, 2024
Mikybull shared that the price movement target is between $1 and $6, and the high end of this target is 833% movement from the current price.
When will XRP price reach this goal?
Although Mikybull does not offer a specific time frame in his analysis, the chart shared provides insight into when he expects this move to occur in XRP. Similar to 2017, crypto analysts are expecting a rally to occur in the same year as the breakout from the symmetrical triangle, meaning it could happen this year.
A breakout could occur towards the middle of this year, meaning it would occur after the Bitcoin halving completes. This is not surprising considering that the Bitcoin halving is seen as the ultimate bullish signal and when the price of Bitcoin rises, altcoins rise.
Currently, XRP price is showing great strength after rising 11.73% last week. At the time of writing, the trading price is $0.648 and the market capitalization is $35.5 billion, making it the sixth largest virtual currency by market capitalization.
Token price trending at $0.64 | Source: XRPUSDT on Tradingview.com
Featured image from Bitcoinist, chart from Tradingview.com
