Recent chart analysis on the floor of the Frankfurt Stock Exchange in Germany suggests that XRP could soar by over 2,000% this year to $10.
This analysis was conducted by Oliver Michel, CEO of Tokentus Investment AG, during a recent interview with a Der Aktionär reporter. Specifically, the analysis focused on the potential performance of XRP in 2024 and why investors are hopeful.
The correspondent sought clarification on the stark difference between the charts of Ethereum and Solana compared to XRP. Unlike the uptrends observable in Ethereum and Solana, XRP’s chart depicted falling candles.
In response, Michel explained that the XRP chart is in a monthly view, spanning from 2014 to June 2024. He acknowledged that XRP has shown little movement over the past year, hovering between $0.50 and $0.52.
Analyzing XRP 20X Potential
Meanwhile, Michel pointed out that from 2014 to early 2017, XRP formed a wedge pattern that led to an initial breakout of a whopping 4,300%. Remarkably, XRP traded as low as $0.006 in January 2017 but soared to $0.2522 by December, marking a 40-fold increase, as the CEO pointed out.
Michel further noted that XRP moved sideways for a few days before completing the breakout rally, which sent it to an all-time high of $3.84. He estimated that XRP’s trajectory from its bottom prices before the ATH represented an astonishing 39,700% increase.
According to the CEO, the widespread optimism in XRP is grounded in this historic performance. Specifically, he stated the community is hoping for this impressive percentage growth amid XRP’s current underperformance.
Michel highlighted that the optimism stemmed from the observation that a similar bullish wedge has been forming over the years. “The pressure is building, and everyone is anticipating an upward breakout soon,” he remarked.
XRP to $10 This Year
However, the analyst stated the breakout rally does not have to be a 40-fold increase like before. Michel noted that he would be satisfied with a 20-fold gain, where XRP reaches price levels of $8, $9, or $10 this year.
“That would be quite nice. It’s something to hope and wait for, and that’s what I’m doing,” he remarked.
XRP DROPZ, a prominent community-based account, highlighted this bullish analysis presented by the Tokentus Investment CEO at the Frankfurt Stock Exchange.
📈🧐 #XRP CHART ANALYSIS IN THE FRANKFURT STOCK EXCHANGE IN GERMANY ➡️ THE XRP CHART IS "SIGNIFICANTLY DIFFERENT THAN #SOLANA AND #ETHEREUM" ➡️ "WE HAD THIS WEDGE AT THE TIME 2014-2017 THAT WAS COMPRESSED AND WE HAD A FIRST BREAKOUT UPWARDS 4300% […] AND HAD ANOTHER BREAKOUT… https://t.co/rb8CvlJLJv pic.twitter.com/MPtZVmzJZa
— XRP DROPZ (@DROPZXRP) June 6, 2024
Notably, Michel is a well-known XRP bull, with his investment in the asset being public knowledge. In a previous analysis, the CEO boldly asserted that XRP has the potential to be a world reserve currency.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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