Crypto analyst oaksacorn is referring to past and future price correlations with the movements of Bitcoin (BTC). In this way, he predicts that the XRP price will rise by 48,025% to an ambitious price of $249. Here are the details…
Analyst made crazy predictions for XRP
The analyst made this prediction in a chart recently published on TradingView. ‘Jesus Christ, Mr. Titled ‘Pool & Biggie Smalls’, the chart offers a fascinating analysis of XRP’s price movements in correlation with Bitcoin. In his analysis, oaksacorn begins by drawing parallels between Bitcoin (BTC) and the 2015 cycle, implying that BTC is likely following a similar trajectory. According to this hypothesis, BTC could reach a staggering $215,000 by September 2024, potentially paving the way for XRP to rise to $43. This is a bullish scenario based on BTC’s historical patterns.
However, what really caught the attention of the crypto community is the subsequent prediction. If Bitcoin repeats its cycle between 2015 and 2017, oaksacorn suggests BTC could trade at a mind-boggling $1,247,000. Based on this, the analyst predicts that XRP could reach a staggering $249. Interestingly, this price point would require an extraordinary rally of 48.025 percent. As a result of the rate of increase, market participants remain skeptical.
When green signals appear, $249 is in play
It is worth noting that Oaksacorn makes use of a proprietary indicator called CM Ultimate MA, developed by experienced analyst Chris Moody. This indicator is based on complex algorithms that leverage the power of moving averages to analyze the price movements of an asset. Specifically, when XRP enters a downtrend, the indicator gives a red signal, indicating the bearish phase. Conversely, when XRP enters an upward trajectory, it lights up a green beacon symbolizing bullish sentiment. During Oaksacorn’s analysis, XRP displayed a red mark on the CM Ultimate MA indicator. This showed that a potential downtrend was in play.
However, the analyst will remain hopeful once green signals emerge. Because he thinks it could herald the beginning of XRP’s rise towards the $249 mark. The projected journey towards this extraordinary price begins with the first target of $7. If XRP successfully surpasses this level, the next milestone will be $34. However, oaksacorn is expecting a minor pullback after $34. It envisages a period of consolidation afterwards. This consolidation phase is critical. Because it indicates a period of gathering strength before the final move towards the $249 price target. Reaching $249 for XRP would require a 48.025 percent increase from the current price of $0.5174. While such a rally is not unprecedented for XRP, its repetition this time presents unique challenges due to the asset’s current valuation.
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