XRP may be on the verge of another significant breakout as a rare bullish indicator reappears — an indicator that previously signaled a six-fold price increase.
According to analyst Ali Martinez, the return of the Golden Cross in the Market Value to Realized Value (MVRV) ratio could signal the start of a new bull run.
The last time this signal appeared, XRP surged over 630%. Now, with the MVRV ratio rising back above the 200-day moving average, bullish sentiment is on the rise again. XRP has shown signs of recovery, recently surpassing the $3.50 mark before stabilizing around $3.43.
Traders are closely watching. Some believe this could trigger a prolonged bull run, with community members targeting a price goal of up to $22 - a 500% increase from the current level.
Contributing to this optimism, cryptocurrency market observer Shawn Mark has highlighted the breakout from a long-term symmetrical triangle pattern, a similar pattern that initiated the legendary bull run of XRP in 2017. At that time, XRP's price soared from a few cents to nearly $3.50. If the current pattern unfolds similarly, he predicts XRP could peak just above $20.
The excitement surrounding XRP is not only coming from the technical side. The growing interest from institutions and improved market sentiment is also fueling speculation that this cycle could bring the long-awaited all-time high for XRP.