thecryptobasic.com 19 August 2024 09:58, UTC

Popular crypto pundit Moonshilla recently shared an optimistic outlook on XRP, noting that its moon rally now has an extremely high chance of happening.

Despite referring to the digital asset as “crap,” Moonshilla believes that XRP is poised for a massive rally, with all technical indicators aligning in its favor.

In a detailed analysis, Moonshilla compared XRP’s current market performance against the U.S. dollar, its market dominance, and Bitcoin (BTC). He highlighted several key factors that suggest a major breakout could be imminent.

Technical Indicators Aligning in XRP Favor

First, the analyst highlighted that XRP’s present consolidation phase has nearly doubled in length compared to the 2014-2016 cycle.

Indeed, XRP has been in a downtrend since 2018, over six years already. Analysts have stressed that longer consolidation phases are a precursor to a big move.

Second, Moonshilla noted that XRP’s price against both the U.S. dollar and Bitcoin is showing signs of strength. He stressed that the XRP/USD pair is either already breaking out of the long-term consolidation or is on the verge of doing so.

Furthermore, the analyst highlighted that the XRP/BTC pair has formed a rare quadruple bottom. In other words, against Bitcoin, XRP has hit a low point four times without breaking lower, a typical signal of the end of a downtrend.

Additionally, Moonshilla observed that XRP has formed a triple-bottom pattern in terms of market dominance. This likely indicates that the asset’s market share has found a solid support level.

Third, the analyst referenced the favorable conclusion of the legal battle between Ripple and the SEC. With XRP no longer considered security or under legal scrutiny, this development is expected to act as a major catalyst for price appreciation.

Considering all the highlighted factors, the analyst believes the stars are aligned for XRP, stressing that the chance of a moon rally is extreme.

Risk Investing in XRP Now Outways Gains

Notably, Moonshilla’s bullish stance on XRP is further reinforced by memories of the token’s performance in 2014-2016, when it saw gains of nearly 50,000% within approximately 333 days.

He recalled that sentiment toward XRP then was similar to today, characterized by widespread pessimism and frustration.

As a result, the pundit believes the market is setting the stage for another potential moonshot. Moonshilla urged his followers to consider securing a position in XRP, even if it’s just a small amount they can afford to lose.

“All the stars are lining up, and all I can say is: don’t miss out. Secure a bag,” Moonshilla remarked.

According to the analyst, the risk-to-reward ratio for XRP is incredibly favorable, presenting a high potential for profitability.