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- Crypto analysts have predicted a historic price breakout for XRP, citing the seven-year bull pennant formation.
- XRP is swapping hands for $0.5897, marking a 1.09% and 3.26% decline in the last 24 hours and past week, respectively.
XRP has been creating a lot of buzz among crypto analysts and investors. Most notably, Crypto Pundits such as MichaelXBT and Julius Rose weigh in on its potential. MichaelXBT, a seasoned OG in the crypto sphere, is bullish on the coin’s potential. Sharing his tweet to his 46.7k followers, MichaelXBT highlighted that XRP’s extended consolidation sets the stage for one of cryptocurrency history’s most substantial moon shots. As he put it, “The sacred XRP mega pump is imminent”
Oozing confidence in his forecast, the crypto analyst claimed that his chart analysis of XRP’s potential breakout could be a masterpiece of technical analysis worthy of being displayed in the Louvre Museum.
That was a subsequent tweet where he highlighted a bombshell discovery. MichaelXBT unearthed a 7-year bull flag that dwarfs any other he’s seen. This technical indicator supports his current opinion of a substantial price increase.
$XRP Historic Breakout Incoming 📈
In all my years of trading crypto I have NEVER seen a 7 year long bull pennant
We might be about to witness one of the most significant breakouts in crypto history pic.twitter.com/X4H5otlcAM
— Crypto Michael (@MichaelXBT) July 17, 2024
Notwithstanding his audacious forecast, MichaelXBT has set a rather modest price target of $2 for the token. Surprisingly, his prediction is significantly lower than its all-time high of $3.84, which was set six years ago. In addition to his prediction, the analyst highlighted that the returns this time would be lower compared to the historic 2017 bull run. Nonetheless, with the XRP price surging to $2, he would still gain a substantial $1.5 million.
At the time of writing, XRP is swapping hands for $0.5897, marking a 1.09% and 3.26% decline in the last 24 hours and past week, respectively. Additionally, XRP’s current price corresponds to a 2.11% decline in the past month, leaving XRP’s market cap at $ 33.1 billion.
Another blockchain prognosticator, Julius Rose, shares the same bullish sentiment. Sharing his views on the X platform, Rose argues that XRP’s decade-long limbo to surpass the $5 price level might actually be a catalyst for a meteoric rise. Rose likens the prolonged struggle to holding a “golden Ticket” for a massive price leap forward, further bolstering the sentiment that XRP is on the cusp of a major breakthrough.
Rose and MichaelXBT’s optimism has been echoed by other analysts such as Cobb. According to Cobb, who expressed his reasons for hodling onto the asset, stated that “literally everything is pointing to XRP blasting at ATH.” He went further ahead saying that “Selling XRP right now is retarded,” showing his strong belief that holding onto the coin is the best option despite present market conditions.
Unveiling the tapestry of his thoughts, Cobb cited the recent breach of the monthly trendline resistance, a rebound from the XRP/BTC bottom, and the XRP dominance bottom bounce as crucial technical signs indicating that the token is prepared for a significant move. Cobb also identified the seven-year RSI trendline break as a crucial element.
