Mikybull, a market analyst who specializes in cryptocurrency analysis, believes that Ripple’s native token XRP is a promising asset. In the volatile world of cryptocurrency where fortunes are often determined by the balance between supply and demand of cryptocurrencies, XRP has attracted the attention of Mikybull. The analyst, riding against its recent struggles predicts a 5-fold increase in XRP’s mid-term value. This is a bold prediction, given its struggle to stay above sub-dollar-$0.60.
Mikybull’s optimistic forecast relies on two key technical indicators. The two-year MA and the symmetrical triangle pattern seen in the chart of the past two months are the foundation. Mikybull points out that the embattled XRP crossed over its two-year MA recently, a very rare occurrence which historically indicates an imminent significant price increase. This pattern is echoed in the past XRP price chart, which soared up to $3.31 after a similar crossover.
Google News: Follow Us! The symmetrical triangle on the chart of the past two months, which is a common shape to predict an imminent breakout, adds weight to Mikybull’s bullish forecast. In XRP, a move above the triangle peak trendline would likely catapult XRP towards $3.10, matching Mikybull’s bold 5x prediction. The analyst was right to make the claim that the 2017 price surge coincided with an enviable breakout of a triangle.
In the highly volatile world of cryptocurrency it is best to be cautious. Technical analysis can be a useful compass when navigating the murky waters that are cryptocurrency markets. However, past results do not guarantee future outcomes. In order to determine the price of cryptocurrencies, it is important to consider how market conditions are changing. XRP is currently struggling with resistance around the $0.60 mark, a significant obstacle to overcome before any upward movement can be considered plausible.
Two plot points are important to the unfolding story of XRP: The crucible for ongoing legal proceedings before the SEC, and the uptake of XRP within the financial industry. The SEC’s lawsuit accusing Ripple to peddling unregistered security has cast a dark cloud over XRP. A favorable verdict in favor of Ripple, however, could lift the cloud and restore investor confidence, possibly causing a rise in price.
Ripple also promises to make cross-border payments more affordable for banks. Ripple technology being accepted by more banks and financial institutions could cause a surge in demand, potentially pushing its price higher.
The coming months will be a pivotal time for XRP, as the company navigates the SEC’s legal minefield and tries to increase its acceptance in the financial world. XRP will embark on a journey to reach the $3 goal, despite the uncertainty of legal issues and a mix of technical indicators that are causing cautious optimism.