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Cryptocurrency News Articles
XRP Chart Labeled a "Technical Time Bomb" by Mikybull Crypto, Signaling Potential Breakout
Sep 21, 2024 at 04:01 pm
Mikybull predicts a potential XRP price target of $4, with other analysts more ambitious. Tight Bollinger Bands on XRP chart suggest a major price move is imminent.
Prominent crypto trader Mikybull has labeled XRP’s chart a “technical time bomb,” suggesting an impending price explosion. This raises hopes that XRP could be gearing up for a significant surge, like its explosive rise in 2017.
In a recent analysis, Mikybull highlighted XRP’s price movements today compared to those from 2017. He shared a long-term price 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.
“It’s looking like a 2017 kind of PA formation,” Mikybull added, recalling the explosive rise XRP experienced after a similar period of stability seven years ago.
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. This has many analysts making bold XRP price predictions, anticipating significant movement soon.
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.
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The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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