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A crypto analyst has released a new XRP Price Predictionpredicting a potential breakout that could see the major cryptocurrency skyrocket to $4.9. With a classic bullish flag pattern forming and the 1.50 day moving average (MA) acting as a bullish catalyst, the analyst is increasingly confident that XRP will reach new all-time highs (ATH) in 2025.
How the 50 1-day MA will push XRP price to $4.93
THE BUT 50 days is a technical indicator used to track the average closing price of a cryptocurrency over the last 50 trading days. According to Dr. Dovetail, a crypto analyst at TradingView, the 1-day 50 MA, indicated by the orange line in his XRP price chartit has risen to the lower limit of a bullish flag pattern.
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The analyst suggested that the price action of XRP, which has been in a consolidation phase after its big pump, triggered the formation of the classic bull flag pattern. This bullish continuation pattern typically occurs after a strong upward move, followed by a price correction leading to consolidation.
Historically, when a cryptocurrency consolidates near strong moving averages such as the 1-day 50 MA, it indicates availability for a price break. Looking at its technical chart, the 1-day 50 MA plays a crucial role in Dr. Dovetail’s analysis and bullish XRP price prediction. The analyst believes that this moving average may push the XRP price out of its consolidation nest and into its own next bullish target.
Based on the confluence of technical patterns and indicators, the dotted ascending line on the analyst’s XRP chart indicates a potential price target of $4.93. Dr. Dovetail expanded his predictions, noting that XRP could reach this ambitious all-time high before February 2025.
The XRP price chart also indicated a volume bar showing relatively stable activity during the cryptocurrency’s consolidation phase. Furthermore, the Stochastic Relative Strength Index (RSI) at the bottom of the chart suggests that XRP may be oversold, supporting the potential for a breakout.
While Dr. Dovetail acknowledged that his predictions were not financial advice, the TradingView analyst expressed confidence that the current technical setup of the XRP chart could push its price to $4.93 this year. This target would represent a 105% increase over XRP’s current market value, underlining a significant step forward from its consolidation phase.
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Update on XRP price analysis
According to data from CoinMarketCap, the XRP price it is currently trading at $2.41, marking a notable increase of 8.79% over last week. Digging deeper into its price action and ongoing consolidation phaseXRP suffered a major decline after rising from $0.5 to above $2 in November 2024.
In recent weeks, the cryptocurrency has struggled with volatility as it aims to recapture its all-time high of $3.84, reached during the 2021 bull run. However, XRP still maintains its position as the third largest cryptocurrency by market capitalization.
Featured image created with Dall.E, chart from Tradingview.com