Notable economist and Bitcoin analyst Mikybull expects $XRPto stage a rally following an imminent breakout of a pivotal resistance level on the monthly RSI.

$XRPhas been trading within a symmetrical triangle on the monthly timeframe since it dropped from the $1.96 high in April 2021. Amid this triangle, $XRPhas continued to record lower highs and higher lows, essentially impacting its monthly relative strength index (RSI).

Due to this, $XRP’s monthly RSIhas continued to slope down, witnessing a prevalent downtrend since April 2021. Citing historical data, Mikybull believes the downtrend impacting the monthly RSI needs to break before $XRPcan witness an upward price push.

$XRP1M Chart

Notably, this pattern played out from 2014 to 2017, when $XRPfaced a similar downward pressure. $XRPslumped from the $0.028 high in December 2014 and traded between $0.007 and $0.004 from that month till February 2017. During this downward pressure, the RSI also faced a downtrend.

However, $XRPbreached the downward trendline when the RSI broke above the resistance level in February 2017. This event led to $XRP’s monumental rally, culminating in the all-time high of $3.31 in January 2018.

Trends Suggesting an Imminent Breakout

Mikybull expects the same pattern to play out, suggesting that the RSI will soon break out. A positive trend bolstering his optimism is the series of retests engineered by $XRPon the lower trendline. The analyst’s chart reveals that from 2014 to 2017, $XRPretested the trendline thrice before the breakout.

$XRP

It's about to get interesting for $XRPgiven the imminent breakout of the resistance of RSI level. https://t.co/T5JMmGSvlO pic.twitter.com/9t2vYuijGO

— Mikybull ??Crypto (@MikybullCrypto) May 6, 2024

Now, it has also carried out these three retests within this phase. The first retest occurred in December 2020 when $XRPdropped to $0.17, the second retest came up in January 2023 amid a slump to $0.3, and the third one occurred last month as $XRPretraced to the $0.42 lowon April 13.

Another positive trend suggesting an imminent breakout is a resurgence of whale accumulation. $XRPwhales have taken to amassing more tokens since March. Per Santiment data, addresses holding between 1 million and 100 million $XRPand those holding at least 1 billion $XRPhave continued to increase their holdings.

$XRPWhale Accumulation | Santiment

The wallets with balances between 1 million and 100 million have amassed 600 million $XRPsince March 4. This accumulation trend has brought their cumulative balance to 10.39 billion $XRPat the last check. Those holding 1 billion $XRPand more have procured 290 million $XRPsince March 11, now holding 23.68 billion tokens.

Multiple $XRPTargets Eye $3.84 to $200

Meanwhile, despite his confidence in an imminent rally, Mikybull failed to present any price targets for $XRP. Nonetheless, multiple market watchers who expect a similar upsurge have projected several price targets. Analyst EGRAG recently assertedthat $XRPcould secure a new cycle top above $3.84 in September.

In addition, Javon Marks has been consistently predictinga looming price rally that could take $XRPto an ambitious $200 price. Last month, Abdullah Nassif, host of The Good Morning Crypto show, projectedthat the recent tightening of the Bollinger Bands on the monthly timeframe could take $XRPanywhere between $13 and $17.

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