Based on Past XRP Surges of 600%, 75,000% and 1,000%, Analyst Sees XRP Rising to $4.2, $7.2 and $420
Market analyst Crypto Bull recently set up multiple price targets for XRP, citing historical price surges, with projections that XRP could hit $4.2, $7.2 or even $420 in the future.
The analyst revealed these predictions in a recent post on X, hinging his forecasts on breakouts engineered by XRP from a recurring symmetrical triangle on the monthly chart.
Historical Pattern
Notably, the first symmetrical triangle formed when XRP dropped from a high of $0.0614 in December 2013. The asset registered up to seven consecutive losing monthly candles, until it collapsed to $0.00379 in June 2014. However, a breakout did not occur until October 2014, leading to a 600% surge.
The rally saw XRP hit a high of $0.0280 in December 2014. After this surge, XRP witnessed another price decline, resulting in the formation of the second symmetrical triangle. This triangle was longer than the first, as XRP recorded a more elongated bear period.
However, XRP completed the triangle formation in February 2017. What immediately followed was another breakout, leading to a year-long rally. Remarkably, XRP rallied to the current all-time high of $3.3 in January 2018. Crypto Bull’s chart suggests that the rally resulted in a 75,000% surge.
Nonetheless, the bears mounted severe pressure following the surge to $3.3. As a result, XRP formed the third symmetrical triangle. The third triangle continued until the first quarter of 2021. After breaking out, XRP recorded another surge to $1.96 in April 2021 before slumping.
XRP Targets $4.2, $7.2 and $420
This slump has persisted until now, leading to the formation of the fourth symmetrical triangle. Crypto Bull’s chart confirms that XRP is close to the end of this current symmetrical triangle, with a few months left to spare. The analyst expects a breakout soon.
The analyst’s targets for when this breakout occurs has captured the interest of several investors and market watchers. All three predictions suggest that XRP would record a new all-time high, with the first target sitting at $4.2 – a readily achievable feat.
However, Crypto Bull goes further to project a second target of $7.2, which some investors are rather skeptical about, but remains within feasible territories for XRP. Meanwhile, the ultimate target of $420 raises eyebrows, as this would raise XRP’s market cap to $22.5 trillion, considering a stable circulating supply.
For proper context, XRP currently trades for $0.5954. At this price, a surge to $4.2 would mark a 605% and $7.2 would represent a 1,109%. However, a price of $420 would require a 70,440% rise, but this is still lower than the 75,000% surge in 2017.