It is interesting what one can do with charts. While one analyst sees a massive bullish opportunity, another analyst may see a bearish threat. In this article, we look at what we believe is a massive bullish opportunity in XRP. We stick to our bullish XRP prediction.
Before looking at the XRP chart, we want to emphasize the valuation of Ripple, the company. While this is unrelated to XRP’s valuation, it is interesting to note that Ripple is in a position to buy back its own shares, valuing the company at $11B, which is remarkable for a crypto company.
XRP bearish prediction
Let’s start with a bearish view.
Note that this is not our view, it is a view from an analyst on TradingView.
It is good practice to always check the two views, bullish and bearish, to avoid bias.
This analyst sees a bearish pattern based on the expectation (forecast) that XRP will break down. This forecast is based on what the analyst believes to be a bear flag.
XRP MASSIVE BEAR FLAG ABOUT TO PLAY OUT TO 16 CENTS on TradingView.com
The analyst does not take into account momentum in crypto as an asset class (BTC ETF approval) nor the long term bullish chart pattern of BTC as explained in great detail in how high can BTC go in 2024.
Moreover, the analyst does not analyze the long term consolidation on XRP’s chart.
XRP bullish prediction
If we look at our own analyst team, at InvestingHaven, we conclude the exact opposite.
We see a bullish pattern on XRP’s chart, one that we like a lot.
Our XRP 10 USD forecast is based on the same pattern that we noticed a while ago, it is still in play.
The daily XRP chart has a bullish triangle. It is really odd how any analyst can miss this pattern. It is the most outspoken, obvious, visible pattern on the daily XRP chart.
Note, as well, that this bullish pattern will be complete in the period April/May this year.
As explained in our 2024 market forecasts, the first half of the year is bullish, not bearish. It goes without saying that a bullish period in markets will come with bullish momentum in crypto. Those are conditions in which bullish triangles resolve to the upside, not downside.
We are hugely bullish on XRP because price and time are nicely pointing to a bullish resolution before summer.
XRP prediction validation
When and how to know that our bullish XRP prediction will validate?
Very simple, we look at the XRPBTC chart. As seen on the long term pattern, an orderly consolidation by the way, XRP bounced every time this current level was tested in recent years. The bounce that followed was significant.
The point is this with the XRPBTC chart: XRP has been outperforming BTC in the summer of 2023, it has been lagging since then, it is now testing a critical support level. This is where buying should start kicking in.
If and when buying kicks in, it will push the price of XRP higher, presumably into breakout territory on the daily XRPUSD chart shown above (in the section bullish XRP forecast).
In our premium crypto service, we offer this type of analysis, in more depth even, not just for XRP but for many more tokens. In what was considered ‘crypto winter’ in 2023, we hit 6 multi-baggers for our members, with buy recommendations that resulted in upside moves between 300% and 800%, yes in ‘crypto winter’. You too can receive our premium crypto alerts >>
