Rare but Accurate Indicator Suggests XRP Headed to $3

A rare but reliable metric on the monthly chart flashes a signal suggesting that XRP could be headed to a price range between $2.4 and $3.

Market analyst Mikybull disclosed this in a recent analysis of XRP’s movements. He presented a monthly chart revealing an observable pattern that XRP followed from 2014 before it eventually secured a historic rally in 2017, resulting in an all-time high price.

The chart further shows a reliable indicator that has accurately predicted XRP’s price action for nearly a decade. Notably, market data suggests that whenever XRP is about to record a substantial price increase, this indicator, which is essentially a moving average, flashes a green signal that lasts for a few months.

$XRP conservative bull target for this cycle is $2.4-$3.

A rare indicator that never fails. pic.twitter.com/kQFrBJRImw

— Mikybull 🐂Crypto (@MikybullCrypto) May 10, 2024

Historical Data

This indicator first flashed its green signal from August 2015 to February 2017, with XRP dropping to a low of $0.0050 within this period. Interestingly, following these green signals, XRP recorded a substantial rally, skyrocketing 66,100% from the $0.005 low in February 2017 to the ATH of $3.31 in January 2018.

After clinching the $3.31 high, XRP witnessed a sharp retracement. Amid the correction, the moving average again flashed green signals from August 2019 to October 2020, with XRP collapsing to a low of $0.2286. After the signals flashed, XRP again surged, hitting $1.96 in April 2021. 

Following the subsequent crash from $1.96, XRP has now witnessed the emergence of green signals. The signals started flashing in May 2022 amid the Terra ecosystem collapse and persisted until recently. With the signals having faded away, Mikybull expects a subsequent price rally.

The analyst points to an imminent rally toward the price range of $2.4 to $3. However, according to him, this represents a conservative target. He stressed that prices could get much higher than this, especially as the bull market matures.

Lofty XRP Price Targets

Earlier this month, when XRP was battling to recoup the losses of April, Mikybull asserted that the drop to the $0.4235 low last month marked the bottom. Besides Mikybull, several market watchers expect XRP to break out soon, with multiple price projections.

For instance, crypto analyst EGRAG recently called attention to a “launching channel” that could take XRP to the $6.4 price. This week, Matthew Dixon, CEO of crypto rating platform Evai, set a target of $0.62 when the “sleeping giant” in XRP awakens. Interestingly, analyst Bobby A contended that XRP could actually reach $13.

XRP currently trades for $0.5181, up 3.66% over the last 24 hours. It looks to leverage a resurgence of whale accumulation to engineer an impressive price run toward the lofty price targets.