Crypto analyst JD, who accurately predicted XRP's bottom at the $0.28 price level, has cautioned that a group of inexperienced traders may miss out on the next XRP price surge. JD believes that these traders might overlook the opportunity to enter the market before the next price surge, drawing parallels to past XRP price action. XRP price surge: Analyst warns that 'dumb money' will miss out. XRP price surge: Analyst warns that 'dumb money' will miss out.
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Analyst JD Draws Parallels To Past XRP Trends
Despite the volatile nature of the crypto market, most cryptocurrencies are known to exhibit similar price patterns to past phenomena. Consequently, crypto analysts often rely on historical data to forecast future cryptocurrency movements.
An expert compared the current price pattern to that of 2017, when XRP broke out of a long period of stagnant price action. During this cycle, XRP underperformed in comparison to other cryptocurrencies, leading to dissatisfaction among some traders who subsequently missed out on significant gains.
However, XRP later experienced a 600x price increase after breaking out of the 4-year consolidation trendline, reaching a peak of $3.84 in January 2018, its all-time high.
Throughout this year, XRP has faced fluctuations due to updates within the Ripple ecosystem. It surged to a yearly high of $0.82 in July but has since traded below this level, unlike many other cryptocurrencies that reached new yearly highs in the last quarter.
JD pointed out that XRP’s current price action resembles the period when it broke out of consolidation in 2017, cautioning traders against missing out on potential future price surges.
#XRP – I remember 2017 when “Dumb money” capitulated after 4years of “boring emotional” action while other coins 🚀📈“Dumb money” complained & capitulated missing the 600x gain LOL!Present pattern looks exactly like 2017. Need more dumb money to complain before 🚀📈 LOL! $XRP… pic.twitter.com/tbyckfYA8V— JD 🇵🇭 (@jaydee_757) December 26, 2023
XRP Price Target
XRP has experienced significant growth since 2017 and currently boasts a market cap of over $34 billion. JD suggested that expecting a 600x increase in the case of a breakout would be unrealistic at this stage, and instead, an 8-10x surge is more feasible based on the current technicals. With XRP trading at $0.639, a 10x price surge would result in a price target just over $6.
In a separate chart analysis, the analyst observed that XRP's price is currently forming a cup and handle pattern in the 2-day timeframe. If this pattern holds, a bullish breakout could lead XRP to reach a $0.95 price target.
#XRP – As long as handle does not break down 50% of the size of cup, then C&H is in play!This may be what we need for Symmetric triangle to breakout on Log Scale! Loaded up at 0.28, 0.33, 0.45, 0.52, and 0.59 during FEAR! Be ready both ways!Retweet/like for updates!… pic.twitter.com/T67EhrHKO2— JD 🇵🇭 (@jaydee_757) December 28, 2023
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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