- A cryptocurrency market analyst has predicted a massive rally for XRP.
- The analyst believes XRP is preparing for a move toward $13.
- XRP’s monthly chart’s 21 EMA indicator is crucial for the altcoin’s next move.
A well-known cryptocurrency market analyst on X has predicted a massive rally for XRP, provided the crypto asset breaks above a notable resistance.
In his latest post, the analyst highlighted XRP’s current state, noting that the cryptocurrency is consolidating on the monthly time frame. Thus, a bullish breakout could see the digital asset head for a $13 market price.
Bullish Pattern & Fibonacci Level Highlighted for XRP
According to the analyst, XRP has formed a bullish pattern, signaling potential upward momentum. He highlighted the cryptocurrency’s price relative to the Fibonacci Circle at 1.414.
The analyst considers this level a key resistance that XRP needs to overcome before opening the way for a massive rally.
Related: XRP Price Prediction for March 5th: Can XRP Sustain Uptrend After Recent 12% Price Drop?
Analyst’s XRP Target: $8.5-$13 Initial Range, $30 in Phase Two
In the meantime, the analyst views $13 as the upper end of XRP’s target range. He believes the crypto token’s next move will push its price into the $8.5 to $13 bracket.
Following this, he anticipates the price will consolidate. The well-known analyst anticipates another rally after that consolidation. This subsequent rally is expected to push XRP’s price up toward the $30 mark. He predicted a $27 to $33 range for that second phase.
Conditions for XRP Bullish Outlook: 21 EMA Support & $1.64 Floor
The analyst’s prediction looks ambitious considering his targets are far beyond XRP’s all-time high. However, he mentioned certain essential conditions and events that must occur for the digital asset to maintain its bullish outlook.
Firstly, the analyst wants the 21 EMA support to hold on the monthly time frame for the bullish conditions to remain valid. He also wants XRP not to close below the $1.64 price level.
In the analyst’s view, a successful bounce off the 21 EMA on the monthly chart will confirm the start of the predicted rally.
Currently, the crypto token is trading at $2.49, based on TradingView’s data at the time of writing. XRP has increased 14.86% from its recent pullback two days ago as traders await the altcoin’s next significant move.
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