Crypto market analyst Block Bull has excitedly predicted that the price of XRP could surge to $250 in the near future. In addition to the ongoing legal battle between Ripple and the SEC, macro trends and the Consumer Price Index (CPI) are expected to play a role in driving XRP’s growth.
Block Bull, a well-known crypto analyst, has based his bullish prediction on historical patterns. He has highlighted XRP’s peak periods between 2017 and 2021 as evidence. According to Block Bull, factors such as Bitcoin halving events, long-term trend lines, and breakout points indicate a strong bullish momentum for XRP. He specifically points out that XRP reached its peak after the 2016 and 2020 Bitcoin halvings, suggesting a consistent cyclical pattern.
To support his prediction, Block Bull has shared a chart showing a green trendline that has been consistently moving upward since early 2017. He believes this trend will continue beyond 2023, with each cycle lasting approximately 77 weeks from breakout to peak. Based on this established pattern, Block Bull expects a significant increase in the price of XRP, with the next major high anticipated around 2025.
Block Bull is not the only analyst making bold predictions for XRP. Milkybull, another analyst, believes that the price of XRP could reach $3 this cycle. Milkybull’s prediction is based on a rare indicator that appeared in 2017, 2018, and 2021. XRP reached $1.79 when this indicator predicted a price of $1.9. For the current cycle, it projects a cautiously optimistic price range of $2.4 to $3.
Despite these optimistic forecasts, XRP has experienced a decline of 6.6% in the past week. In the last 24 hours, XRP has decreased by 0.30% and is currently trading at $0.5044, with a market capitalization of $27.9 billion. However, the trading volume has significantly increased by 83.5% to $730 million, indicating positive sentiment among investors.
The recent volatility in XRP’s price can be attributed to the ongoing legal battle between Ripple and the SEC. While some believe the case will be concluded soon, others speculate that it may be extended for a few more months. This uncertainty has left investors unsure about the future of XRP.
Despite the uncertainty, there is hope for XRP traders and investors. According to Evai CEO Matthew Dixon, the release of the CPI April report on May 15 could reenergize the XRP market and lead to new highs.