CoinDesk Report:
TradingView analyst Heikin Ashi suggests that XRP may be in the midst of an explosive bull market, potentially soaring 710 times to $305.
In a recent post about X, Ashi urges attention to XRP’s candlestick patterns on a monthly timeframe, identifying a bullish signal. He emphasizes that the current pattern closely mirrors historical trends, suggesting potential gains for XRP holders in the coming months.
Notably, this analysis comes amid continued dismal performance from XRP, hitting lows not seen in over a year. Yesterday, XRP dropped to $0.3911 but has since rebounded slightly, trading at $0.4286 at the time of publication. At this level, XRP has incurred a monthly performance loss exceeding 18.22%.
Meanwhile, analysts like Ashi believe that XRP’s current trajectory aligns with previous periods that later saw sharp price surges. He anticipates a similar scenario unfolding soon.
Historical Observations on Monthly Timeframes
His analysis indicates that XRP first exhibited a prolonged downtrend within the monthly timeframe from 2014 to 2015. During mid-2014, XRP saw two leading zeros in trading before plummeting to around $0.003. By early 2015, XRP had surged tenfold, trading at around $0.025.
Similar patterns occurred from 2016 to 2017 when XRP traded with two leading zeros again. Following initial bottom values, XRP experienced a brief price surge until the last quarter of 2017, when it staged a dramatic rally.
Interestingly, the analyst’s charts point out a symmetric triangle formed in the monthly patterns of XRP between the bottoms of 2014 and the new bottoms of 2017. This formation laid the groundwork for aggressive refueling and propelled XRP to a historic high of $3.84 in January 2018, marking an increase of over 75,000% during that period.
Post reaching ATH, XRP began to decline, hitting a low of $0.14 in early 2020. The bull market cycle of 2021 briefly revived XRP, reaching $1.96 in April of that year. Subsequently, the bear market forced the asset to drop to around $0.3 by late 2020.
On the monthly timeframe, XRP’s candles formed another symmetric triangle between the bottom prices of 2020 and 2023, amid the brief fluctuations of 2021. Analyst Ashi believes that these significant echoes from historical patterns have now set the stage for another sharp price surge.
#xrpustt examining all points and retracements of these fractals on the monthly TF… History rhymes!!!! Next few months #0DOUBT #XRPcommunity
