CryptoBull’s analysis of historical chart patterns suggests that XRP has the potential to surge to an impressive $154. This prediction aims to restore bullish sentiment for XRP, as it has been underperforming since the start of the current bull market in Q4 2023.
Drawing parallels to the 2017 bull run, CryptoBull highlights that XRP experienced significant increases during that time, skyrocketing by 48,823% and outpacing the entire market. Based on this analysis, CryptoBull suggests that a similar pattern could occur in the current bull market.
The prediction is based on historical data from the 2014 to 2018 market cycle, during which XRP saw a staggering increase from $0.002 to an all-time high of $3.84, marking a 191,900% increase in nearly four years. CryptoBull points out 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. While typically seen as a bearish pattern, CryptoBull believes XRP could leverage this pattern for a significant upswing, as it did in the previous cycle.
The chart pattern reappeared when XRP dropped to $0.11 in March 2020. CryptoBull predicts a similar price spike that could propel XRP to $154, representing a 139,900% increase. This surge in price could potentially raise XRP’s market cap to $8.5 trillion, assuming its circulating supply remains stable.
In addition to CryptoBull’s prediction, market analyst Egrag Crypto forecasts XRP trading between $1.2 and $1.5 in the near future. The analysis highlights a bullish trend called the ‘White Triangle’ on XRP’s chart. This pattern aligns with previous charts and Fibonacci levels, indicating a potential breakout.
Egrag Crypto identifies a critical breakout point around $0.70 to $0.75, suggesting 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.
Dark Defender, another well-known crypto market analyst, shares a positive outlook for XRP. According to Dark Defender, XRP is in its ‘Grand Wave 3,’ indicating significant future price movements. The analysis focuses on Heikin Ashi Candles and the Fisher Indicator, 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 surged by 1.26% to $0.5334. The token’s market cap is $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.