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- XRP has been in a consolidation price pattern for three years now, and it is set to conclude within the next four months, setting the coin up for massive gains that could surpass all previous records.
- The Bollinger Bands have also been squeezing, and in only two other similar instances, XRP went on 32,000% and 1,000% bull runs, respectively.
A popular crypto analyst claims the biggest bull rally in XRP’s history will occur within the next four months. He cites three key indicators that signal a massive surge around July.
XRP trades at $0.5279, gaining 1.87% in the past day despite a 34% dip in its trading volume. It has gained 8.9% in the past week, in line with a recovery in the broader market following the sudden dip around April 10-12.
However, according to Mickle, a popular analyst with 52,000 YouTube subscribers, three key indicators signal that the token is about to embark on its biggest rally in the next few months.
XRP and nothing else is close pic.twitter.com/KeTwJdNZek
— mickle (@xrpmickle) April 20, 2024
The first indicator is XRP’s multi-year consolidation pattern; the crypto has been trading in a pennant since 2021, and the trendlines are set to converge in the next four months. Pennants are usually followed by a breakout that takes an asset’s price higher than the highest point of the upper trendline, and in the case of XRP, this would be $1.828, which it achieved in early 2021.
What’s most interesting about the pennant is that it concludes between May and July, which coincides with the time when US courts are expected to rule on the SEC vs. Ripple case, as highlighted in purple on the chart below.. The ruling will cause a lot of volatility, whichever way it goes. A positive result for Ripple could catalyze a parabolic surge for crypto.
Bollinger Bands, XRP/BTC Price Action
The second indicator Mickle pointed at is Bollinger Bands, a technical analysis tool traders use to assess asset price volatility and gauge the likelihood of a breakout.
According to the analyst, these bands have been squeezing recently, and the last two times they have squeezed, XRP has gone on a bull run. The first was in 2017, sparking a 32,000% rally that set a new all-time high, while the second was in 2020, when the crypto gained over 1,000%.
Said the analyst:
These Bollinger Bands have only squeezed three times in XRP’s history, and it caused huge exponential runs. Is it any coincidence that it’s happening at the same exact time we are coming to the end of this consolidation pattern; at the same time we are expecting an end to the Ripple/SEC case?
Then, there is the XRP/BTC trading relationship. As we reported previously, several other analysts have been pointing to patterns in this ratio that indicate a potential breakout for XRP, and Mickle backs them.
According to the analyst, every time XRP make a run against Bitcoin, it tends to find formidable support at the same level and always bounces back strongly.
