Popular crypto analyst JD, known for predicting the bottom of XRP at the $0.28 price level has warned of a group of ‘dumb money’ traders missing XRP’s next price rise. According to JD, this group of traders could overlook the opportunity to move on before the next price increase, drawing parallels previous XRP price action.
Analyst JD draws parallels with previous XRP trends
Despite the volatile nature of the crypto market, most cryptocurrencies are known to repeat or reflect past phenomena in their price action. As a result, it is very common for crypto analysts to look to the past and assess current trends when trying to predict the future movement of cryptocurrencies.
The expert compared the current price pattern to 2017, the year when XRP finally broke its dull price action that lasted from 2013 to 2017. A look through this cycle shows that XRP is underperforming compared to other cryptocurrencies. As a result, the “dumb money” traders complained and fled, missing out on the astonishing profits that followed.
However, XRP would then realize a 600x price increase after breaking the four-year consolidation trendline. As a result, the crypto reached a high of $3.84 in January 2018, its current all-time high.
XRP has had its day ups and downs this year due to several updates within the Ripple ecosystem. The crypto saw a price increase mid-year, reaching a yearly high of $0.82 in July. XRP has traded below this price point since then, despite most cryptocurrencies registering new annual highlights in the last quarter of the year.
JD noted that XRP’s price action is currently mimicking the point at which it broke out of consolidation in 2017, and warned of “dumb money” traders who could miss the next potential price increase.
#XRP – I remember 2017 when “Stupid money” capitulated after 4 years of “boring emotional” action while other coins 🚀📈
“Stupid money” complained and capitulated and missed the 600x win LOL!
The current pattern looks exactly like 2017. I need more stupid money to complain sooner 🚀📈 LOL! $XRP… pic.twitter.com/tbyckfYA8V
— JD 🇵🇭 (@jaydee_757) December 26, 2023
Token price sitting at $0.64 Source: XRPUSD On Tradingview.com
XRP price target
XRP has grown tremendously since the days of 2017 and now has a market cap of over $34 billion. When asked about a possible price target, JD noted that a repeat of a 600x in the event of a breakout would be unrealistic at this time. According to current technical data, an increase of 8-10x is more likely. With XRP currently trading at $0.639, a 10x price increase would set a PRice goal just over $6.
In another chart shared by the analyst, he noted that the price of XRP is currently forming a cup-and-handle formation in the two-day time frame. If this formation holds, XRP would hit a $0.95 price target in the event of a bullish breakout.
#XRP – As long as the handle doesn’t break off 50% of the cup size, C&H plays along!
This may be what we need to break out the symmetric triangle on a log scale! Loaded at 0.28, 0.33, 0.45, 0.52 and 0.59 during FEAR! Be ready in both directions!
Retweet/like for updates!… pic.twitter.com/T67EhrHKO2
— JD 🇵🇭 (@jaydee_757) December 28, 2023
Featured image from The Bitcoin News, chart from Tradingview.com
Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.
