Crypto analyst Mikybull Crypto has identified a bullish pattern that can send the XRP price to new highs. This comes amid the growing increase in the investors’ bullish sentiment towards the XRP token.
Bull Pennant Pattern Forms On XRP’s Chart
Mikybull Crypto stated in an X (formerly Twitter) post that XRP has formed a bull pennant continuation pattern on the daily chart. The analyst added that the “breakout will be massive,” with XRP set to rise above $1 based on the chart he shared. Mikybull Crypto seemed really confident that XRP would rise to such heights, as he claimed that this bullish pattern “rarely fails.”
A bull pennant is a technical indicator that signals the continuation of an uptrend after a period of consolidation. Mikybull Crypto had previously mentioned that XRP was going to have a cool-off period after hitting the first short-term target of $0.58. Indeed, XRP is currently experiencing a consolidation period, having hovered around the $0.60 range for the past few weeks.
However, the formation of the bull pennant pattern suggests that XRP is well-primed to continue its bull rally and move to $1. A rise to $1 will be significant for XRP, considering that it will be the first time that the crypto token has hit this price market since 2021. XRP failed to hit this price mark even when Judge Analisa Torres declared that the crypto token wasn’t a security last year.
Meanwhile, Mikybull Crypto has suggested that XRP’s rise to $1 is just the beginning of the massive heights the crypto token will reach in this bull run. The analyst stated that XRP would surprise many doubters in this market cycle while also predicting that the coin could replicate its 2017 and rise to as high as $4 if a similar price movement eventually occurs.
Confirmation Of XRP Price Replicating 2017 Rally
Mikybull Crypto also recently affirmed his prediction that XRP would replicate its 2017 rally when the token enjoyed a price gain of over 61,000% in 280 days. In an X post, he stated that XRP is displaying “significant technical signs” that occurred in 2017 and led to these massive gains afterward. He added that historically, the chart always precedes the news, meaning that XRP is well set up for that catalyst that could spark such a run.
A conclusion to the long-running legal battle between the US Securities and Exchange Commission (SEC) and Ripple is believed to be one factor that could spark such a parabolic rally for XRP. The case is expected to end soon enough, with the only thing remaining is a ruling from Judge Torres on the appropriate remedies to be awarded against Ripple.
At the time of writing, the XRP price is trading at around $0.59, down almost 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
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