A crypto analyst has published a new one XRP stock price historypredicting a possible breakout of the apparent cryptocurrency skyrocketing to $4.9. With the formation of a classic bull flag pattern and the 1-day 50 moving average (MA) acting as a bullish trigger, the analyst is increasingly confident XRP Reaches New All-Time Highs (ATH) in 2025.
As the 1-day 50 MA XRP price moves to $4.93
The MA 50-day is a technical indicator used to track the average closing price of a cryptocurrency over the past 50 trading days. According to Dr. Dovetail, TradingView crypto analyst, the 1-day 50 MA, indicated by the orange line in the XRP stock price historyhas risen to the lower limit of a bull flag pattern.
Related Reading
The analyst is recommended that the price action of XRP, which has been in a consolidation phase after its big pump, triggered the creating a classic bull flag pattern. This bullish continuation pattern usually occurs after a strong uptrend, followed by a price correction that leads to consolidation.
Historically, when a digital currency consolidates near a strong moving average like the 1-day 50 MA, it shows its willingness. break out price. Looking at its technical chart, the 1-day 50 MA plays a crucial role in the analysis of the Dovetail and bullish XRP price prediction. The analyst believes that this Moving Average can push XRP price out of its consolidation nest the next bullish target.
Based on the confluence of patterns and technical indicators, the dotted ascending line in the analyst's XRP chart indicates a possible price target of $4.93. Dr. Dovetail extended his forecast, indicating that XRP could achieve this ambitious level by February 2025.
The XRP price chart has also marked a volume bar showing relatively stable activity at the cryptocurrency's consolidation level. In addition, the Relative Stochastic Strength Index (RSI) at the bottom of the chart suggests that XRP may be oversold, supporting the potential for a breakout.
While Dr. Dovetail acknowledged that his predictions were not financial advice, the TradingView analyst expressed confidence that the current technical situation in the XRP chart could push its price to $4.93 this year. This target would represent a 105% increase from XRP's current market value, confirming a significant move up from its consolidation level.
Related Reading
Quick update on XRP rate
According to data from CoinMarketCap, the highest price XRP changed so far -8.79% compared to yesterday. Dives deeper into its price action and continues level of consolidationXRP experienced a major decline after rising from $0.5 to over $2 in November 2024.
Over the past few weeks, the cryptocurrency struggling with volatility as it aims to regain the high of $3.84, which was achieved during the bull run of 2021. Nevertheless, XRP still maintains its position as the third largest cryptocurrency by market capitalization.
Featured image created by Dall.E, chart from Tradingview.com
