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Analyst MichaelXBT predicts a “mega” XRP breakout as the cryptocurrency shows signs of ending a 7-year consolidation pattern.
XRP benefited from the booming market on Saturday, spurred by Bitcoin’s surge to $65K. Following Bitcoin’s lead, XRP rallied to just above $0.63, posting gains of up to 6%. This Saturday pump has boosted the confidence of market watchers focused on XRP.
One of these observers, MichaelXBT, a seasoned analyst with over a decade of market experience, shared on X that a significant XRP uptrend is on the horizon. In his wordsthe “sacred XRP mega pump is imminent.”
Michael’s latest analysis builds upon a previous update in which he confidently predicted an imminent historic breakout for XRP. Notably, in the original post, he emphasized that in his decade-long experience trading cryptocurrencies, he had never witnessed a 7-year-long bull pennant formation—until now, with XRP being the exception.
Based on this observation, Michael expressed that the crypto market might be about to witness one of the most significant breakouts in history.
XRP Seven-year-long Bull Pennant
The observed seven-year-long bull pennant concerns the downtrend XRP has been experiencing since 2018 after it set an all-time high. Since then, XRP’s price actions have been characterized by lower highs and lower lows, ultimately forming a giant symmetrical triangle.
Many other market watchers have observed this formation and have consistently called attention to it, warning that a trend reversal is imminent.
Michael is so confident in his projection for XRP that he boldly claims that his chart will be worthy of being framed in the Louvre Museum as a masterpiece of technical analysis.
He is convinced that when the breakout occurs, the price surge will be so swift and intense that market participants will be caught off guard, leaving them little time to react to the rapid price movement.
Notably, it has been over six weeks since his initial calls for an imminent historic rally. However, the event has yet to happen, and XRP has remained within the same price channel.
Michael’s XRP Price Target for “Mega” Rally
Interestingly, while Michael is optimistic about XRP, he is not targeting overly bullish price points despite his repeated calls for a “mega” or “historic” rally.
Specifically, he only targets $2 for XRP, which is significantly below its all-time high of $3.84. Meanwhile, he has publicly disclosed that XRP hitting $2 would net him a quick $1.5 million.
Michael has also continuously cautioned against projections suggesting XRP would trade beyond $2 this season. He believes the 2017 history many analysts rely on is no longer valid and that the returns this time will be diminished. The analyst stated that those anticipating higher targets would be used as exit liquidity.
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.