CryptoBull, a crypto market analyst, has made a bold prediction that XRP could experience a surge to an impressive $154 based on historical chart patterns. This forecast aims to reinvigorate bullish sentiment for XRP, which has been underperforming since the bull market began in Q4 of 2023.
CryptoBull draws parallels to the 2017 bull run, where XRP initially lagged behind before skyrocketing by an astounding 48,823%, outperforming the entire market. Based on this analysis, CryptoBull suggests that a similar pattern could occur in the current bull market.
The prediction by CryptoBull is grounded in historical data from the 2014 to 2018 market cycle. During this time, XRP experienced a remarkable surge from $0.002 in early 2014 to an all-time high of $3.84 in January 2018, marking an astonishing 191,900% increase over nearly four years. The chartist highlights the formation of an ascending broadening wedge on the monthly chart during this price action.
An ascending broadening wedge is characterized by two trendlines, upper and lower, creating a broadening formation as the asset records higher highs and higher lows. Although typically considered a bearish pattern, CryptoBull asserts that XRP could leverage this pattern for a significant upward movement, similar to what happened in the previous cycle.
The chart pattern reappeared after XRP dropped to $0.11 in March 2020. CryptoBull predicts a similar price spike that could propel XRP to $154. This would represent a substantial 139,900% increase and potentially raise XRP’s market cap to $8.5 trillion, assuming its circulating supply remains stable.
Another respected market analyst, Egrag Crypto, has forecasted that XRP could trade between $1.2 and $1.5 in the near future. The analysis highlights a bullish trend known as the “White Triangle” on XRP’s chart, which aligns with previous charts and Fibonacci levels 0.702 to 0.786, indicating a potential breakout.
Egrag Crypto identifies a critical breakout point around $0.70 to $0.75, emphasizing that XRP could break out within the next few weeks. The token also shows strength on the Atlas line, with resistance at $0.5777 and support at $0.5000. A breakout point at $0.6799 is crucial for a potential upward surge. While a retest of the breakout may occur in the short term, the analyst remains confident about a significant upward movement in the future.
Dark Defender, another prominent crypto market analyst, shares a positive outlook for XRP. According to Dark Defender, XRP is in its “Grand Wave 3,” suggesting significant future price movements. The analysis focuses on Heikin Ashi Candles and the Fisher Indicator, which are tools used to track price movements on a weekly timeframe.
Dark Defender identifies a challenging zone for XRP between $0.6044 and $0.6649. However, once the weekly candle closes above $0.6649, the analyst predicts substantial gains for the Ripple-backed token. Despite missing an earlier target of $1 set for April, the current analysis maintains an optimistic perspective.
As of now, XRP’s price has increased by 1.26% to $0.5334. The token’s market cap stands at $29.31 billion, with a 24-hour trading volume of $804.30 million. The 24-hour price range for XRP has been between $0.5238 and $0.5366.