- Top analyst CryptoBull identifies a historical pattern predicting XRP potential surge to $154.
- Despite XRP’s recent underperformance, historical data suggests a possible significant rally.
XRP, the digital currency that has often captured the imaginations of crypto enthusiasts, might be on the cusp of a significant price surge. This revelation comes from renowned crypto market analyst CryptoBull, who recently highlighted a chart pattern suggesting XRP could soar to an audacious $154.
In his latest analysis, CryptoBull points to historical trends that might trigger renewed bullish sentiments for XRP. Despite the ongoing bull market, XRP has notably underperformed. Since Q4 2023, XRP has only appreciated by 4.2%, lagging significantly behind major cryptocurrencies like Bitcoin (BTC), which has surged 154%, and Ethereum (ETH), which is up 124%. Solana (SOL), another notable performer, has skyrocketed by 690% in the same period.
A recent report by The Crypto Basic emphasized XRP’s sluggish performance, revealing that 61% of the top 100 crypto assets have outpaced XRP over the past year. This underperformance mirrors a similar trend in 2017, when XRP lagged behind before staging an extraordinary rally of 48,823%, ultimately outperforming the entire market.
CryptoBull’s analysis draws from historical data, particularly the market cycle from 2014 to 2018, during which XRP climbed from $0.002 to an all-time high of $3.84, a staggering 191,900% increase over nearly four years. Central to his current prediction is the formation of an ascending, broadening wedge pattern on XRP’s monthly chart. This pattern, characterized by higher highs and higher lows between two expanding trendlines, typically has a bearish bias. However, CryptoBull suggests that Ripple (XRP) could defy this tendency and replicate its historical ascent.
The ascending broadening wedge pattern appeared once again after XRP plunged to $0.11 in March 2020. According to CryptoBull, this recurrence could signal a massive price increase, potentially driving XRP to $154. Such a move would represent a 139,900% rise, catapulting XRP’s market cap to an extraordinary $8.5 trillion, assuming a stable circulating supply.
Despite CryptoBull’s optimistic forecast, skepticism abounds within the crypto community. Some market participants question the feasibility of such a dramatic increase. In contrast, other analysts provide more conservative targets. Casi, another market watcher, projects a more realistic price range of $8 to $13. Meanwhile, analyst EGRAG forecasts a rise to $5.89.
As of now, the coin trades at $0.5345, reflecting a 6.93% increase this month. While the debate over XRP’s future price continues, CryptoBull’s analysis adds an intriguing perspective to the ongoing discussion, hinting at the potential for another historic rally in the ever-volatile crypto market.