A prominent XRP analyst believes a surge is on the horizon, with history set to potentially repeat itself.
The price of XRP has underperformed the market since September. At the same time, a recent security breach involving Ripple co-founder Chris Larsen led to further losses this week, extinguishing hopes of an imminent XRP price recovery.
However, one prominent XRP analyst, Jaydee, has a differing opinion, arguing that a reversal of fortunes for XRP holders is right around the corner. Notably, the analyst accurately called the bottom of the market in January 2022, at a time when many were still bullish on XRP’s prospects.
In a recent post on X, Jaydee noted that the XRP price is in a symmetric triangle and could break out once the moving average convergence divergence (MACD) indicator crosses zero.
With the accompanying chart, the analyst points out that a similar symmetrical triangle pattern between 2014 and 2017 led to a 600-times rally in the price of XRP towards the end of the year.
Nonetheless, many XRP holders had gotten tired of waiting for a price rebound and sold off their assets right before the surge.
Jaydee urged current XRP holders not to be so-called “dumb money” and exit their position right before the potential run-up. He concludes by adding with an ire of certainty that 2024 will be the year for the much-anticipated XRP breakout.
#XRP – monthly close is Wednesday! Currently looking at the Symmetrical Triangle & MACD
Last time we were w/in a Symmetric Triangle, MACD crosses above 0 which cause the breakout w/PARABOLIC MOVE!
All I know is 2024 will be the year!💪
RT/Like for monthly update next week!… pic.twitter.com/ckMVnpg1kD
— JD 🇵🇭 (@jaydee_757) January 28, 2024
XRP Loses 6th Position in Global Crypto Rankings
While analysts continue to call for patience on the part of XRP holders, the crypto asset has continued to slide, falling as low as $0.49 over the past 24 hours.
Within the same period, popular stablecoin USDC has overtaken XRP as the sixth largest crypto asset by market capitalization.
At the time of writing, USDC has a market cap of $26.8 billion, $200 million more than XRP, which stands at $26.6 billion. Recall that in December, Solana also overtook XRP and now boasts a market cap of around $41.2 billion.
XRP holders will hope that things turn around for the asset soon. Evidently, a negative outcome would mean more losses as investors grow impatient and rotate their investments into other assets that appear to have more potential.