Analyst Anticipates XRP Could Skyrocket 38,000%: Historical Trends Suggest Imminent Surge
One expert forecasts that XRP is currently following a pattern it broke away from before reaching a new all-time high in 2018, potentially leading to a massive 38,000% surge to surpass its previous peak. Additionally, other analysts have noted that XRP’s Bollinger Bands are the tightest they have ever been, signaling an upcoming surge in price.
Despite underperforming in this year’s crypto bull market with a 4.5% decline year-to-date, XRP is poised for an explosive rally, according to the aforementioned analyst. At the time of writing, XRP is trading at $0.5879, experiencing slight gains over the past day. Interestingly, the token has managed to maintain a trading volume above $1 billion, defying the typical weekend drop observed in market volume.
The analyst known as Crypto Bull, followed by 145,000 individuals, believes that this period of calm could be the precursor to a significant breakthrough for XRP. He points out that the token has been trading within a triangular pattern since reaching its all-time high of $3.84 in 2018. Prior to this peak, XRP remained within a similar pattern from 2014, which, once broken, resulted in an unstoppable rally.
If XRP regains the same momentum, it could reach as high as $227, an enormous 38,500% rise from its current price. Achieving such a target would give XRP a market cap of over $12 trillion, surpassing Bitcoin’s market cap by 12 times and becoming more than three times the size of Apple, the world’s most valuable company.
While reaching these levels may be ambitious, breaking out of this multi-year triangular pattern is likely to propel XRP’s ascent, potentially leading to a retest of its previous all-time high.
Another analyst, known as Dark Defender among his 110,000 followers, has set his sights on a more modest goal. Dark Defender observes that recent activity has allowed XRP to retest the weekly relative strength index (RSI). He predicts that the price will strongly break $0.6044 and proceed towards the target of $0.6649.
Other experts have highlighted that XRP’s Bollinger Bands are currently at the tightest range seen in years, indicating an upcoming breakout. Bollinger Bands focus on asset volatility and are plotted around its simple moving average. When the bands converge, it suggests a squeeze in the market and low volatility, often followed by a significant price movement.
Moreover, the upcoming elections could offer XRP an additional boost, particularly if Donald Trump maintains his position as president. As Trump intends to establish a Bitcoin fund, he may encounter scalability issues as the Bitcoin network cannot adequately support decentralized finance platforms. XRP could benefit from government-led initiatives towards DeFi in this scenario.