What to Know:
- XRP’s long-term trend shows unprecedented bullish signals based on Ichimoku Cloud analysis.
- Analysts predict potential price surges for XRP, citing both technical patterns and fundamental developments.
- Upcoming ETF approvals could act as a catalyst for XRP’s next significant price movement.
The analysis of XRP’s 3-month Ichimoku Cloud structure suggests the asset may be entering a powerful bullish phase. According to market analyst Matt Hughes, the chart is displaying a signal that has never been observed before in XRP’s price history. This unique pattern indicates a potentially strong upward trajectory for XRP.
Hughes highlights that XRP has consistently remained above the conversion line and baseline of the 3-month Ichimoku Cloud for nearly a year. According to Hughes, this sustained position above these key trend-strength levels indicates a notably strong bullish formation. This multi-quarter consolidation above critical Ichimoku levels is unprecedented for XRP.
With XRP trading above $2, Hughes anticipates that building momentum will be its next significant move. In an earlier analysis, Hughes suggested that XRP could potentially rise toward $8.30, basing his prediction on Fibonacci analysis. He also identified several “champion levels” for XRP holders to monitor, including $4.70, $6.20, $7.60, $9.30, and $12.30.
Other analysts share a similar bullish outlook on XRP. Pseudonymous analyst Cryptollica foresees XRP entering the final phase of a historical four-phase trend soon, which could potentially drive its price to $10. He observed a similar pattern between 2014 and 2018 and anticipates a possible 3X upside on the horizon.
In addition to technical indicators, positive sentiment is also growing around XRP due to fundamental developments. Ripple’s recent announcements, including acquisitions and partnerships, have set a positive tone for the cryptocurrency. Many investors are now focusing on potential ETF approvals, which could serve as the catalyst for XRP’s next major price rally.
Source: Original article
