The Block Bull, a UK-based crypto analyst, has made a bold prediction for XRP, stating that the asset could reach $246 after the current cycle. This comes as a surprise, considering the ongoing legal battle between the SEC and Ripple Labs, which has caused uncertainty in the market. However, The Block Bull believes that XRP is following a pattern that could lead to a significant surge in price.
The analyst points out 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, exactly 252 days after the halving event. This breakout led to an uptrend, with XRP reaching a peak of $0.4345 in May 2017. The cycle lasted for 539 days, ending with XRP hitting an all-time high of $3.3 in January 2018.
A similar pattern occurred from 2020 to 2021, when XRP broke out of a price slump in January 2021, 252 days after the third halving in May 2020. This breakout led to an uptrend, with XRP reaching a high of $1.96 in April 2021. The cycle ended in November 2021, with XRP unable to surpass its previous all-time high.
Based on these observations, The Block Bull believes that there could be a repetition of this pattern in the current cycle. The analyst expects the first significant move to occur in December, 252 days after the halving in April. The interim peak is predicted to happen 336 days after the halving, indicating that March 2025 could be a crucial month for XRP.
The Block Bull predicts an unprecedented surge of 47,017% from the current price of $0.51 to $246 before the end of the cycle. While this target price may seem outrageous to some, other analysts like EGRAG have made similar predictions, stating that XRP could reach $1.4, $3.7, or even $200 based on historical patterns.
The analyst also believes that the announcement of Bank of America (BOA) using XRP and the potential launch of XRP ETFs could play a significant role in driving the price up. Another analyst has even predicted that XRP could reach $1000.
Currently, XRP is experiencing a decline, with a 0.9% drop in the last 24 hours, a 15% drop in the last 30 days, and a 17% drop year-to-date.
In conclusion, The Block Bull’s audacious prediction for XRP suggests that the asset could reach $246 after the current cycle. The analyst observes a pattern in XRP’s price chart and believes that historical trends and potential market developments could contribute to this significant surge in price. However, it remains to be seen whether these predictions will come true.