- Crypto market analyst Block Bull has teased a boom for XRP price to $250 soon.
- Besides Ripple versus SEC lawsuit, macro trends, CPI can also catalyze XRP’s growth.
Crypto analyst Block Bull has projected a bullish price for Ripple Labs Inc’s associated XRP in the current cycle, asserting it could climb to $250. The analyst’s prediction comes amid a recent downturn in the price of XRP and the broader altcoin ecosystem.
Analyst Backs XRP Prediction with Historical Trends
Block Bull posted a chart supporting his bullish XRP prediction, citing historical patterns.
He specifically referenced XRP’s peak periods between 2017 and 2021. According to the analyst, Bitcoin halving events, long-term trend lines, and breakout points are the key factors that indicate a bullish momentum for XRP. For example, Block Bull noted that XRP peaked after the 2016 and 2020 Bitcoin halving events, highlighting a consistent cyclical pattern.
HOLY SH*T #XRP ‼️ https://t.co/1u3snybiey
I have just inserted the GREEN trendline and look how price has interacted from the bottom of 2017 cycle to the top of 2021 cycle (Highlighted yellow)$XRP will reach Approx $250 THIS CYCLE 🚀🚀 pic.twitter.com/ezEVdpiZs5
— 📈BLOCK BULL📈 (@TheBlockBull) May 7, 2024
In the analyst’s opinion, the green trendline which suggests consistent upward movement since early 2017, is anticipated to continue beyond 2023. He added that based on historical patterns, each cycle, lasting about 77 weeks from breakout to peak. This notably suggests a substantial increase in the price of XRP, with the next big high anticipated to occur around 2025.
The analyst’s expectation is based on XRP’s recent performance of reaching a 77-week timeline, following the recent Bitcoin halving in April. Block Bull projects that the upcoming cycle will follow a similar timeline comparable to this established pattern.
Block Bull is not alone in his bold prediction for XRP. As formerly reported by Crypto News Flash, another analyst, Milkybull says the price of XRP could reach $3 this cycle. The analyst’s prediction is based on a rare indicator that showed up for XRP in 2017, 2018, and 2021. XRP reached $1.79 when this indicator predicted a price of $1.9. For this current cycle, it projects a cautiously optimistic price between $2.4 and $3.
XRP’s Price Dwindles
Despite these bullish forecasts on the price of XRP, the cryptocurrency has seen a decline of 6.6% in the past week.
In the past 24 hours, XRP decreased by 0.30% to trade at $0.5044, with its market capitalization standing at $27.9 billion. However, the trading volume increased remarkably by 83.5% to $730 million, indicating bullish sentiments from investors.
The recent volatility in the price of XRP can be attributed to ongoing developments in the ongoing legal issue between Ripple and the US Securities and Exchange Commission (SEC). While many anticipate that the case will soon be concluded, others claim the court could extend it by a few months. These contrasting opinions have probably left investors in doubt, as they wonder what will be the next move for XRP.
Nonetheless, there appears to be a ray of sunshine for XRP traders and investors. Citing earlier statements from Crypto News Flash, Evai CEO Matthew Dixon claims the XRP market might be reenergized and reach new heights upon the release of the Consumer Price Index (CPI) April report on May 15.
Recommended for you:
- Buy Ripple (XRP) Guide
- Ripple XRP Wallet Tutorial
- Check 24-hour XRP Price
- More Ripple (XRP) News
- What is Ripple (XRP)?
Subscribe to our daily newsletter!
No spam, no lies, only insights. You can unsubscribe at any time.
