Popular market analyst The Great Mattsby has reignited discussions concerning XRP with a bold prediction: the cryptocurrency could reach $250 within the next few years.
Mattsby’s claim, outlined in a recent YouTube video and social media post, hinges on technical analysis that suggests a significant price movement is on the horizon for XRP.
One key indicator Mattsby focuses on is the current state of XRP’s Bollinger Bands on the monthly chart. These bands, which measure price volatility, are currently at their tightest point ever. Historically, such tightness has preceded substantial price swings for XRP. Mattsby cites two specific instances: September 2016–March 2017, which saw a staggering 60,000% increase, and April 2021, which resulted in a 1,000% jump. With even tighter bands this time around, Mattsby suggests the potential for an even more explosive price rise.
Further bolstering his argument, Mattsby points to the extended period since XRP’s all-time high of $3.31 in January 2018. The current price sits a significant 84% lower, signifying a lengthy consolidation phase. When combined with the tight Bollinger Bands, Mattsby argues, this extended period hints at a potential breakout.
For comparison, Mattsby highlights that Bitcoin and Ethereum, the leading cryptocurrencies, do not exhibit the same level of constriction in their Bollinger bands. This, according to him, strengthens the case for XRP being on the cusp of a major price surge.
The analyst delves deeper, incorporating the Gann theory, a technical analysis tool, to support his $250 prediction. He emphasizes a historically significant 45-degree angle that has acted as both support and resistance for XRP’s price. Mattsby suggests that XRP’s price will likely follow this trendline, potentially retesting it as support before a surge toward the resistance level. This, he calculates, could align with the $250 target by 2028, a timeframe he acknowledges is met with skepticism by some.
Additionally, Mattsby utilizes the Fibonacci retracement tool, analyzing the price movement between XRP’s 2013 high and 2014 low. This analysis identifies key levels XRP might reach, with a particular focus on the 3.618 extension level, which aligns closely with the $250 target. Mattsby highlights that similar Fibonacci extensions have been observed in other assets like Bitcoin and Tesla.
In a more recent post, Mattsby provides a detailed chart that visually supports his prediction. The chart showcases a specific green angle that has played a crucial role in XRP’s historical price movements. It also projects a potential future price path, indicating a significant rise for XRP in the coming years. The analyst emphasizes the historical significance of this angle, further solidifying his belief in the possibility of XRP reaching $250.
While the prediction appears ambitious, with XRP currently trading at $0.5345, Mattsby’s analysis, based on historical patterns and market behavior, presents an intriguing possibility for XRP’s future. Only time will tell if XRP will indeed live up to Mattsby’s bold prediction.