- An analyst makes an audacious prediction for XRP, foreseeing the asset hitting $246 after the end of the ongoing cycle.
- According to him, XRP’s weekly chart discloses the repetition of a pattern that triggered the significant surge to $3.3 in January 2018 and $1.9 in April 2021.
XRP’s steady surge over the years and consistent struggle since the commencement of the legal dispute between the US Securities and Exchange Commission (SEC) and Ripple Labs has forced market analysts to resort to conservative predictions. However, UK-based crypto analyst The Block Bull goes all out, predicting a staggering $246 for the asset. Citing data from a weekly chart, The Block Bull observed that XRP is replicating a rare formation that could catapult the asset to its predicted price target.
In explaining this, the analyst pointed out that XRP traded within a symmetrical triangle from 2015 to March 2017, coinciding with the second Bitcoin halving in July 2016. Interestingly, it broke out at the peak of the symmetrical triangle in March 2017, exactly 252 days after the halving event.
According to the analyst, this move led to a sustained uptrend, culminating in a peak of $0.4345 in May 2017. Specifically, the interim peak came 336 days after the halving and 84 days after XRP broke above the symmetrical triangle. After this sudden surge, the asset continued to appreciate until hitting its all-time high of $3.3 in January 2018, marking the end of the cycle which lasted for 539 days.
Repetition Observed in XRP Price Chart
A similar pattern also played out from 2020 to 2021 when the asset recorded a price breakout to recover from the $0.2444 low in January 2021. Fascinatingly, this occurred exactly 252 days after the third halving in May 2020. Following this breakout, there was a sustained uptrend, pushing the asset to the $1.96 high in April 2021. Almost similar to the previous cycle, this happened 84 days after the breakout occurred, ending the cycle in November 2021 with the asset unable to surpass its all-time high.
Speaking to his thousands of followers, The Block Bull stated emphatically that there could be a repetition of the pattern in this cycle. However, the breakout could send the price to an unimaginable height with the first significant move expected after 252 days, specifically in December. Also, he expects the interim peak to occur 336 days after the just completed halving in April. This implies that March 2025 could be the “big month”.
In all, the analyst expects an unprecedented surge of 47,017% from the current price of $0.51 to $246 before the end of the cycle. With many labeling this targeted price as outrageous, analysts including EGRAG have come up with similar predictions. Recently, he predicted that XRP could surge to $1.4, $3.7, or $200 depending on the trajectory it replicates from the historical patterns.
The Weekly time frame interaction between the 21 (exponential moving average) and 50 (Moving Average) has delivered a clear signal for a #Bullish momentum and an astounding PUMP. Cross ‘A’: 230%, Cross ‘B’: 50,000%, Cross ‘C’: 777%.”
According to him, the atomic announcement of Bank of America (BOA) using XRP and the possible launch of XRP ETFs could be crucial in this significant move. As reported by Crypto News Flash, another analyst also expects the asset to hit $1000
At press time, XRP was down by 0.9% in the last 24 hours, 15% in the last 30 days, and 17% from year-to-date.
