Market Analyst Predicts XRP Could Experience a 15x Surge Above $7.5
Renowned analyst JayDee suggests that XRP is inching closer to a highly anticipated breakout, with each daily candle bringing it closer to achieving astronomic price levels. In a recent analysis, Dee presented a chart indicating a potential target range above $7.5 for XRP when the breakout occurs.
The chart portrays XRP’s journey since its remarkable rise in 2017/2018, during which the asset faced setbacks and experienced a decline from its peak of over $3.8 to below $1. Although there was a brief surge during the 2021 bull market, it fell short of surpassing the 2018 record. Consequently, XRP entered a downtrend, currently hovering around $0.47.
The overall trajectory of XRP since its peak in 2018 has formed a massive triangle pattern. Numerous analysts have utilized this pattern to anticipate an explosive breakout rally that could surpass the previous record. This positive outlook is inspired by a similar pattern observed between 2013 and 2017 when XRP underwent a consolidation phase. The subsequent breakout led to a staggering 60,000% increase in market value, propelling XRP to its all-time high of $3.84.
In essence, JayDee, like many other market watchers, expects a repetition of this historical pattern. Based on the current floor price of $0.4754, his target above $7.5 suggests that XRP could potentially experience a growth of over 1,477%, equivalent to a 15x surge or more.
JayDee believes that XRP is steadily approaching this target with each passing candle and anticipates it to materialize by 2025. However, he acknowledges that the journey from $0.4754 to $7.5 will not be without its ups and downs. He advises those who have faith in his projection to strategically take profits at certain points during the upward climb.
While JayDee remains optimistic, other analysts have set even higher target prices for XRP once it breaks out of the giant triangle formation. One such analysis proposes a threshold above $17, while Javon Marks anticipates an incredible surge of 37,635% to $200.
It is important to note, however, that XRP’s recent performance in the current bull market has not aligned with these bullish expectations from analysts. During Q1, XRP underperformed compared to 61% of other top-ranking cryptocurrencies, and its condition has not improved as Q2 draws to a close.