A bold prediction has been made by an analyst regarding XRP, suggesting that the asset could reach a staggering $246 after the current cycle. The analyst, known as The Block Bull, believes that XRP’s weekly chart reveals a pattern that has previously led to significant surges in its price. This includes the surge to $3.3 in January 2018 and $1.9 in April 2021.
Despite XRP’s consistent struggle since the legal dispute between the US Securities and Exchange Commission (SEC) and Ripple Labs began, The Block Bull remains optimistic. The analyst points to a rare formation on the weekly chart that suggests the asset could reach its predicted price target.
To support this prediction, The Block Bull highlights a symmetrical triangle that XRP traded within from 2015 to March 2017, coinciding with the second Bitcoin halving in July 2016. The asset broke out of this triangle in March 2017, exactly 252 days after the halving event, leading to a sustained uptrend and a peak of $0.4345 in May 2017. This marked the end of the cycle, which lasted for 539 days, and the asset continued to appreciate until reaching its all-time high of $3.3 in January 2018.
A similar pattern occurred from 2020 to 2021, when XRP experienced a price breakout from a low of $0.2444 in January 2021. This breakout happened 252 days after the third halving in May 2020, and the asset reached a high of $1.96 in April 2021. The cycle ended in November 2021 without surpassing its all-time high.
The Block Bull believes that this pattern could repeat in the current cycle, with the first significant move expected in December, 252 days after the halving in April. The interim peak is predicted to occur 336 days after the halving, suggesting that March 2025 could be a significant month for XRP.
Overall, The Block Bull predicts an unprecedented surge of 47,017% from the current price of $0.51 to $246 by the end of the cycle. While many consider this target price outrageous, other analysts, including EGRAG, have made similar predictions. EGRAG suggests that XRP could reach $1.4, $3.7, or even $200, depending on the trajectory it follows from historical patterns.
The analyst also points out that the announcement of Bank of America (BOA) using XRP and the potential launch of XRP ETFs could have a significant impact on the asset’s price.
As of now, XRP has experienced a 0.9% decrease in the last 24 hours, a 15% decrease in the last 30 days, and a 17% decrease year-to-date.
