Crypto analyst Mando CT expressed a bullish view on XRP, suggesting that now could be the perfect time to accumulate the cryptocurrency in anticipation of a significant breakout. In an X post on Monday, the analyst revealed his strategy of accumulating as much XRP as possible, driven by the belief that once XRP breaks out, it would experience a parabolic rise.
The analyst emphasized that despite Bitcoin’s recent choppy performance, sentiment around XRP remains strongly bullish. A clear bullish divergence is forming in XRP’s charts, which historically signals a potential upward movement.
Adding to the positive outlook, the analyst highlighted the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). He predicted that Ripple would eventually settle the case, a development that could be a significant catalyst for XRP. The analyst believes a favorable resolution to the legal issues would propel XRP to new heights, potentially leading to a sharp and parabolic price increase.
Another well-known analyst, Egrag Crypto, supported this bullish sentiment and offered further insights into XRP’s potential. In an X post on Monday, Egrag Crypto pointed out the significance of the 133 bullish hammer candles in XRP’s price chart and compared previous bullish hammer candlestick formations, which have historically led to substantial price increases.
The analyst identified four past instances where similar bullish hammer candles resulted in remarkable gains for XRP. Bullish hammer Candle 1 led to a 750% rise, Candle 22 saw a 40% increase, Candle 42 triggered an extraordinary 43,000% surge, and Candle 96 brought an 80% gain. With the formation of Candle 133, Egrag suggests that XRP could be on the brink of another significant price surge. As of press time, XRP is trading at $0.554, showing a decline of 0.67% over the last 24 hours.
XRP Tests Key Resistance, Eyes Potential Bullish ReversalIn addition to these historical patterns, Egrag pointed out that the high of the Bent Fork pattern at $17 represents a potential 2,400% increase from XRP’s current market price. He further noted that reaching $27 would mark a 5,000% gain, indicating that XRP could offer some of the most substantial returns in the cryptocurrency market if the patterns hold.
As analysts’ optimism grows, XRP supporters eagerly anticipate the next big move. With historical data and current bullish sentiment aligning, XRP could be on the verge of a significant breakout, offering substantial returns for early investors.
