An audacious prediction has been made for XRP, with an analyst foreseeing the asset reaching $246 after the current cycle ends. The prediction is based on a pattern observed on XRP’s weekly chart, which mirrors the significant surges seen in January 2018 and April 2021.
XRP’s steady growth over the years, coupled with its recent legal dispute with the SEC, has led market analysts to make conservative predictions. However, UK-based crypto analyst The Block Bull is going against the grain with a bold prediction of $246 for XRP. The analyst cites data from the weekly chart, noting that XRP is displaying a rare formation that could propel the asset to its predicted price target.
The analyst explains 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 of this triangle in March 2017, precisely 252 days after the halving event. This breakout led to a sustained uptrend, resulting in a peak of $0.4345 in May 2017. The interim peak occurred 336 days after the halving and 84 days after XRP broke above the triangle. The asset continued to appreciate until it reached its all-time high of $3.3 in January 2018, marking the end of the cycle that lasted 539 days.
A similar pattern emerged from 2020 to 2021, when XRP experienced a price breakout from its low of $0.2444 in January 2021. Interestingly, this breakout occurred exactly 252 days after the third halving in May 2020. This led to a sustained uptrend, pushing the asset to a high of $1.96 in April 2021. Like the previous cycle, this peak occurred 84 days after the breakout, ending the cycle in November 2021 without surpassing its all-time high.
The Block Bull confidently states that there could be a repetition of this pattern in the current cycle. However, the breakout could propel the price to unprecedented heights, with the first significant move expected after 252 days, specifically in December. The interim peak is predicted to occur 336 days after the recent halving in April, suggesting that March 2025 could be a pivotal month.
Overall, the analyst expects an unprecedented surge of 47,017% from the current price of $0.51 to $246 before the end of the cycle. While many may view this target as outrageous, other analysts, including EGRAG, have made similar predictions. EGRAG recently forecasted that XRP could surge to $1.4, $3.7, or even $200 based on historical patterns.
The analyst also points out that the interaction between the 21 and 50 exponential moving averages on the weekly chart has signaled a bullish momentum and a significant pump. They highlight three crosses: ‘A’ with a 230% increase, ‘B’ with a 50,000% increase, and ‘C’ with a 777% increase.
The analyst believes that the announcement of Bank of America (BOA) using XRP and the potential launch of XRP ETFs could play a crucial role in this projected surge. As previously reported by Crypto News Flash, another analyst also expects XRP to reach $1000.
At the time of writing, XRP has experienced a 0.9% drop in the last 24 hours, a 15% drop in the last 30 days, and a 17% drop year-to-date.