XRP to $110: Analyst Suggests Imminent Push Based on 44D Pattern

Pseudonymous market analyst Moonshilla expects XRP to spike above $110 upon breakout, identifies an attractive entry point on the 44-day chart.

Moonshilla made this assertion in his latest report on XRP’s price movements. Notably, XRP has continued to consolidate between a high of $0.5703 and a low of $0.4665 over the past seven weeks. This range-bound movement has also presented a consolidation on the 44-day chart, data confirms.

XRP’s Six-Year Triangle

Interestingly, this consolidation phase follows a series of uptrends and downtrends recorded by XRP since it dropped from its $3.31 all-time high in January 2018. While XRP has witnessed these conflicting trends over the last six years, data from Moonshilla’s chart shows that it has been oscillating within a symmetrical triangle since 2018.

Recall that World of Charts identified a similar symmetrical triangle formation three months back. However, this triangle was much smaller, having formed on the 3-day chart for three years. Moonshilla’s triangle has persisted for six years, increasing the likelihood of a massive price pump upon a successful breakout. 

$XRP 👀

still fractaling..
still hodling..
still waiting..
for valhalla..

buy when 44D closed above blue line..!
new 44D 25 JUN..
dont get shaken!

🫡 https://t.co/415hhV9pCP pic.twitter.com/R2VjVwDfOr

— pepa🌙 (@moonshilla) June 3, 2024

While a breakout to either side (down or up) is possible, Moonshilla is confident an upward push is imminent. With XRP trading for $0.5201, its current 44-day candle trades within the symmetrical triangle. However, Moonshilla expects a breakout this month, with a conviction that the current 44-day candle could close above the upper trendline of the triangle.

He sees this phenomenon as an opportunity for investors to enter the XRP market, as it solidifies his projection of an uptrend. According to him, if market participants see XRP close above the upper trendline of the symmetrical triangle (blue line) on June 24, they should procure more XRP tokens.

XRP Sees Slow Accumulation

Currently, there is a divergence of trends between varying tiers of XRP holders amid the market uncertainty. Notably, those holding 1 million to 10 million XRP and 100 million to 1 billion XRP have distributed 140 million XRP over the last two weeks. Whereas, investors holding between 10 million and 100 million tokens have accumulated 390 million XRP in the same period, per Santiment data.

Despite the contrast in trends across several tiers of holders, accumulation has generally been slow. The Accumulation/Distribution metric remains stable at 9.9 billion XRP since April. This suggests that the trend has neither shifted to accumulation nor distribution due to uncertainty. However, Moonshilla calls for a spike in accumulation once XRP closes above the triangle.

An XRP Target of $110

If this happens, he expects a massive price spike, which he believes could eventually result in a value above $110. XRP must rally by 21,049% to reach $110, a price point that would take its market cap to $6 trillion. As a result of the audacious nature of this target, market participants remain pessimistic despite confirming the possibility of an uptrend.

While other analysts have projected similar breakout points, their targets have been less ambitious. For instance, Bitcoin proponent Emily contends that XRP could reach $10. Meanwhile, World of Charts expects a symmetrical triangle breakout to take XRP toward $5.