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A cryptocurrency analyst has released a fresh one XRP price forecastforecasting a potential breakout that could send this significant cryptocurrency skyrocketing to $4.9. With a classic bull flag pattern forming and the 50 1-day moving average (MA) acting as a catalyst for the upside, the analyst is increasingly confident that XRP will hit fresh all-time highs (ATH) in 2025.
How the 1-day 50 MA will push the XRP price to $4.93
The 50-day MA is a technical indicator used to track the average closing price of a cryptocurrency over the last 50 trading days. According to Dr. Dovetail, TradingView cryptocurrency analyst, the 1-day 50 MA, marked by the orange line in his XRP price chartrose to the bottom of the bull flag pattern.
Analyst suggested that the XRP price action, which was in a consolidation phase after a lot of pump, caused creating a classic bull flag pattern. This bullish continuation pattern usually appears after a mighty upward move followed by a price correction leading to consolidation.
Historically, when a cryptocurrency consolidates near mighty moving averages such as the 1-day 50 MA, it indicates a ready for price break. Looking at its technical chart, the 1-day 50 MA plays a key role in Dr. Dovetail’s analysis and bullish XRP price prediction. The analyst believes that this moving average can push the XRP price from its consolidation slot to its level another bullish target.
Based on the convergence of technical patterns and indicators, the ascending dashed line on the XRP analyst chart indicates a potential price target of $4.93. Dr. Dovetail expanded his forecast, emphasizing 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. Additionally, Stochastic Relative Strength Index (RSI) at the bottom of the chart suggests that XRP may be oversold, supporting breakout potential.
Although Dr. Dovetail admitted that his prediction was not financial advice, the TradingView analyst expressed confidence that the current technical configuration of the XRP chart could push the price to $4.93 this year. This target would represent a 105% boost over XRP’s current market value, highlighting a significant upward move from the consolidation phase.
XRP price analysis update
According to CoinMarketCap data, XRP price is currently trading at $2.41, marking a noteworthy boost of 8.79% over the past week. Diving into the price action and lasting consolidation phaseXRP experienced a severe decline after rising from $0.50 to over $2 in November 2024.
Cryptocurrency has gained popularity over the past few weeks struggled with volatility aims to reclaim the all-time high of $3.84 reached during the bull run of 2021. Nevertheless, XRP continues to maintain its position as third largest cryptocurrency through market capitalization.
Featured image created with Dall.E, chart from Tradingview.com