XRP Captain sees a massive rally in the altcoin ahead.
The analyst explained why in a recent post on X.
Ripple’s XRP is currently right below its 20-day MA.
XRP Captain – a notable crypto analyst and influencer sees a massive rally in the altcoin ahead even though it has been rather dull in recent weeks.
Why is he super bullish on Ripple’s XRP?
In July, a U.S. judge ruled in favour of Ripple in its lawsuit against the Securities & Exchange Commission (read more) – a huge win that has not been material in terms of price appreciation at least so far.
Still, XRP Captain is convinced that the altcoin could be worth as much as $130 by the end of 2024. Pointing to a symmetrical triangle pattern on its chart, the analyst recently wrote on X (formerly known as Twitter):
Can you imagine the magnitude when this breakout happens? I won’t be surprised if XRP hits $100 to $130 in next bull run.
XRP could soon break above its 20-day MA
Note that XRP broke out of an identical symmetrical triangle pattern in 2017 – the year in which it eventually printed an all-time high.
The altcoin is currently trading right below its 20-day MA at about $0.51. Breaking above that moving average may also deliver a near-term bullish signal and see capital flowing into the cryptocurrency.
The last time it reclaimed its 20- and 50-day MAs was in 2017 which, again, was a very strong year for XRP overall. SBI Remit also recently announced plans of expanding in South East Asia in collaboration with Ripple (find out more).