A crypto analyst has issued a new , forecasting a potential breakout that could see the prominent cryptocurrency skyrocketing to $4.9. With the formation of a classic bull flag pattern and the 1-Day 50 Moving Average (MA) acting as a bullish catalyst, the analyst is increasingly confident that in 2025. How The 1-Day 50 MA Will Propel XRP Price To $4.93The is a technical indicator used to track the average closing price of a cryptocurrency over the last 50 trading days. According to Dr. Dovetail, a TradingView crypto analyst, the 1-day 50 MA, indicated by the orange line in his , has risen to the lower boundary of a bull flag pattern. The analyst that XRP’s price action, which has been in a consolidation phase after its big pump, triggered the . This bullish continuation pattern typically occurs after a strong upward movement, followed by a price correction that leads to consolidation. Historically, when a cryptocurrency consolidates near strong moving averages like the 1-day 50 MA, it indicates the readiness for a Looking at his technical chart, the 1-day 50 MA plays a crucial role in Dr. Dovetail’s analysis and bullish XRP price prediction. The analyst believes this Moving Average can push the XRP price out of its consolidation nest to its .Based on the confluence of technical patterns and indicators, the dotted ascending line in the analyst’s XRP chart indicates a potential price target of $4.93. Dr. Dovetail extended his forecast, highlighting that XRP could achieve this ambitious all-time high before February 2025. The XRP price chart has also indicated a volume bar showing relatively stable activity during the cryptocurrency’s consolidation phase. Additionally, the at the bottom of the chart suggests that XRP may be oversold, supporting the potential for a breakout. While Dr. Dovetail acknowledged that his predictions were not financial advice, the TradingView analyst expressed confidence that the current technical setup in the XRP chart could push its price to $4.93 this year. This target would represent a 105% surge from XRP’s current market value, underscoring a significant move upward from its consolidation phase. Update On XRP Price AnalysisAccording to data from CoinMarketCap, is presently trading at $2.41, marking a noteworthy 8.79% increase over the past week. Delving deeper into its price action and ongoing , XRP experienced a severe downturn after it surged from $0.5 to above $2 in November 2024.Over the past few weeks, the cryptocurrency has as it aims to reclaim its all-time high of $3.84, attained during the 2021 bull run. Nevertheless, XRP still holds its position as the by market capitalization.(Click on image to enlarge)Bitcoin Faces Critical Support Amid Long-Term Holder Selling Pressure—AnalystSolana Nears $210, ETF Approval Hopes Spark Optimism In The Crypto MarketBitcoin Remains Below $100,000: Is The Bull Market Over Or Just Taking A Breather?
