Crypto analyst oaksacorn cited past and future price correlations with the movements of Bitcoin (BTC). In this context XRP He predicts that will rise by 48.025% to an ambitious price of $ 249.
The analyst made this prediction in a chart recently published on TradingView. ‘Jesus Christ, Mr. The chart titled ‘Pool & Biggie Smalls’ offers a fascinating analysis of XRP’s price movements in correlation with Bitcoin.
In his analysis oaksacorn, Bitcoin He drew parallels between (BTC) and the 2015 cycle. In this context, he hinted that BTC is likely following a similar trajectory.
According to this hypothesis, BTC could reach a staggering $215,000 by September 2024. This could potentially pave the way for XRP to rise to $43. This is a bullish scenario based on BTC’s historical patterns.
With this, crypto- What really captures the interest of the community is the next prediction. It is possible for Bitcoin to repeat its cycle between 2015 and 2017. This is why oaksacorn suggests that BTC could trade at a mind-blowing $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%. As a result of the rate of increase, market participants remain skeptical.
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 thinks that once green signals emerge, it could herald the beginning of XRP’s rise towards the $249 mark.
XRP’s Journey to $249
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 predicts a minor pullback from $34 followed by a period of consolidation. It is possible that this consolidation phase signals a period of gathering strength before the eventual move towards the $249 price target.
Reaching $249 for XRP would require a 48.025% increase from the current price of $0.5174. While such a rally for XRP is not unprecedented, repeating it this time around poses unique challenges due to the asset’s current valuation.
Source : The Crypto Basic