XRP (XRP) Price Prediction: Could Be Poised for a Major Breakout After Memorial Day Market Closing

With the Memorial Day market closing in the U.S. on Monday, May 26, crypto markets have slowed down, with trading volume dropping nearly 20%.

Memorial Day market holiday in the U.S. on Monday, May 26.

Most major cryptocurrencies, such as XRP, have shown minimal movement.

However, many analysts believe that this calm period won’t last long and they predict that XRP could be setting up for a major breakout in the coming weeks.

Analysts Predict Big Gains for XRP

Chart patterns and market trends suggest that XRP is due for another big move after a strong 430% increase earlier this year.

Analysts note that XRP’s price behavior is interesting as it dropped below the 21-month exponential moving average (EMA), bounced back above that level, and then experienced a huge increase in 2021.

After falling 5,500% and rising back to the EMA, XRP dropped again by 2,500%. In another instance, it fell 150%, returned to the EMA, and then dropped by 500%.

Now, in the current market cycle, XRP has dropped below the 21-month EMA and experienced a 430% rise from the lows of this cycle. According to historical trends, the next step would be another big price move.

One popular crypto analyst, known as EGRAG Crypto on Twitter, has been closely studying XRP’s price movements over the years and he noted the monthly chart patterns.

In past cycles, he explained that the price of XRP would drop below its 21-month EMA, climb back to that level, and then either surge or fall again.

However, after completing a cycle with a drop of 5,500% followed by a return to the 21-month EMA and a subsequent decline of 2,500%, the cryptocurrency experienced an even larger move of 1,000% in 2023.

This time, after a decline of 150% and a return to the EMA, it dropped by around 500%, which is a smaller decline compared to the previous cycle.

According to the analyst, if the same pattern repeats, it could lead to a rally of up to 4,000% from the lows hit earlier this year.

Moreover, if XRP follows the same path as it did in 2019, it could reach highs of $46. A more realistic prediction puts the price around $12.

By averaging out these two numbers, the estimated price could settle around $27 to $30, depending on how the market reacts in the coming months.

Chart patterns and market trends suggest that XRP is due for another big move.

XRP has also managed to break out of a descending wedge pattern on the charts, which is typically seen as a bullish signal. It has faced some resistance around the $2.60 level but continues to show strength.

If it can push past $2.60 level, it could trigger the next leg of its rally.