A notable analyst observes that XRP is bullish on the monthly time frame, suggesting realistic price targets of $2 to $4 for this cycle.
XRP has dropped below the $0.60 mark, falling by 2% in the last 24 hours to trade at $0.5961. As a result, XRP now shows a negative trend in its weekly performance. However, XRP continues to boast an impressive gain of over 26% in its 30-day trajectory.
Accordingly, prominent analyst Coin Signal has expressed optimism about XRP’s future based on its monthly candlestick pattern. In a recent post on X, the analyst highlighted the bullish nature of XRP’s monthly chart and set a realistic target of up to $4 for its continued upward trend.
Details of the Analysis
The analysis examined XRP’s 30-day pattern over the past decade and identified the formation of two symmetrical triangles. The first triangle formed between 2014 and early 2017, culminating in a massive 70,000% surge to an all-time high after the trend reversed at the triangle’s tip.
A second symmetrical triangle has emerged since XRP’s 2018 all-time high of $3.84. According to Coin Signal, this formation suggests that XRP is poised to reach a new all-time high once the trend reverses.
XRP Realistic Targets at $2 to $4
Based on this optimism, the analyst argued that realistic targets for XRP in this current bull cycle are for XRP to attain between $2 and $4.
#XRP‘s Monthly Chart is Bullish 🚀
Realistic Target This Cycle : $2 – $4.
Buying Price : 0.53 $ pic.twitter.com/UEQEAkZn8q
— Coin Signals (@CoinSignals_) July 28, 2024
Notably, for XRP to attain the lower range of the target, it needs to surge by 235%. While this is an impressive gain, it significantly falls short of XRP’s ATH of $3.84.
Meanwhile, XRP needs to rally more massively by 571% to attain the upper boundary of $4, which would mark a fresh history for the asset.
It is worth noting that the analyst anticipates XRP retesting a low of $0.53, which he considers a favorable buying point before the rally toward $2 and $4.
Other Analysts See $305 Target as Realistic
Interestingly, while Coin Signal considers up to $4 realistic for XRP in this cycle, other market watchers disagree. They believe more ambitious targets are attainable when similarly observing the asset on a monthly timeframe.
One such analyst is Heikin Ashi. In an update earlier this month, Ashi argued that XRP’s monthly candle suggests a potential 71,000% price surge to $305 in this bull market. Other analysts have proposed similar price points based on various technical parameters.
However, conservative analysts think these price targets are unrealistic and unattainable for an asset with a market cap of over $25 billion.
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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