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A crypto analyst has released a new report XRP Price Predictionportending a potential breakout that could see the prominent cryptocurrency skyrocket to $4.9. Now that a classic bull flag pattern has emerged and the 1-Day 50 Moving Average (MA) is acting as a bullish catalyst, the analyst is increasingly confident that XRP Will Hit New All-Time Highs (ATH). by 2025.
How the 1-day 50 MA will push XRP price to $4.93
The 50-day MA is a technical indicator used to track the average closing price of a cryptocurrency over the past 50 trading days. According to Dr. Dovetail, a Crypto analyst from TradingView, is the 1-day 50 MA, indicated by the orange line in his XRP price charthas risen to the lower limit of a bull flag pattern.
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The analyst suggested that the price action of XRP, which was in a consolidation phase after the big pump, prompted the formation of the classic bull flag pattern. This bullish continuation pattern typically occurs after a strong upward move, followed by a price correction that leads to consolidation.
Historically, when a cryptocurrency consolidates near strong moving averages such as the 1-day 50 MA, it signals the readiness for a price breakout. Looking at his technical chart, the 1-day 50 MA plays a crucial role in Dr. Dovetail and the bullish XRP price prediction. The analyst believes that this moving average could push the XRP price out of its consolidation nest and into its own consolidation nest next bullish target.
Based on the confluence of technical patterns and indicators, the rising dotted line on the analyst’s XRP chart indicates a potential price target of $4.93. Dr. Dovetail expanded on his prediction, highlighting that XRP could reach this ambitious all-time high before February 2025.
The XRP price chart has also indicated a volume bar showing relatively stable activity during the cryptocurrency’s consolidation phase. Moreover, the Stochastic Relative Strength Index (RSI) bottom of the chart suggests that XRP may be oversold, supporting the potential for a breakout.
Although Dr. Dovetail acknowledged that his predictions were not financial advice, the TradingView analyst expressed confidence that the current technical setup on the XRP chart could push the price to $4.93 this year. This target would represent a 105% increase over XRP’s current market value, underscoring a significant increase over the consolidation phase.
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Update on XRP price analysis
According to data from CoinMarketCap, the XRP price is currently trading at $2.41, marking a notable increase of 8.79% in the past week. We dig into the price action and move on consolidation phaseXRP suffered a severe downturn after rising from $0.5 to above $2 in November 2024.
The cryptocurrency has done just that in recent weeks struggled with volatility as it aims to regain its all-time high of $3.84 reached during the 2021 bull run. Nevertheless, XRP still maintains its position as the third largest cryptocurrency by market capitalization.
Featured image created with Dall.E, chart from Tradingview.com
