Block Bull, a crypto market analyst, has made a bold prediction that the price of XRP could reach $250 in the near future. While the ongoing lawsuit between Ripple and the SEC has been a major factor affecting XRP’s performance, Block Bull believes that macro trends and the Consumer Price Index (CPI) could also contribute to its growth.
To support his prediction, Block Bull has referred to historical patterns in XRP’s price movements. He pointed out that XRP has experienced peak periods between 2017 and 2021, coinciding with Bitcoin halving events, long-term trend lines, and breakout points. The analyst highlighted a consistent cyclical pattern, with XRP reaching its peak after the 2016 and 2020 Bitcoin halving events.
In a recent tweet, Block Bull shared a chart that included a green trendline, indicating a consistent upward movement since early 2017. He believes that this trendline will continue beyond 2023, and each cycle, lasting about 77 weeks from breakout to peak, suggests a significant increase in XRP’s price. Block Bull expects the next major high to occur around 2025.
Block Bull is not the only analyst making bold predictions for XRP. Milkybull, another crypto analyst, has also suggested that XRP could reach $3 in this cycle. Milkybull’s prediction is based on a rare indicator that has accurately predicted XRP’s price in the past. For the current cycle, the indicator projects a cautiously optimistic price range between $2.4 and $3.
Despite these positive forecasts, XRP has experienced a decline of 6.6% in the past week. In the last 24 hours, its price has decreased by 0.30% to $0.5044, with a market capitalization of $27.9 billion. However, the trading volume has significantly increased by 83.5% to $730 million, indicating bullish sentiments from investors.
The recent volatility in XRP’s price can be attributed to the ongoing legal battle between Ripple and the SEC. While some believe that the case will soon be concluded, others speculate that it could be extended by a few months. This uncertainty has left investors unsure about the future of XRP.
Despite the challenges, there is hope for XRP traders and investors. Matthew Dixon, the CEO of Evai, suggests that the release of the CPI April report on May 15 could reenergize the XRP market and potentially lead to new price highs.
In conclusion, Block Bull and Milkybull have made bold predictions for XRP’s price, expecting it to reach $250 and $3 respectively. While XRP has experienced a recent decline, there are indications of bullish sentiments from investors. The ongoing legal issue between Ripple and the SEC has contributed to the volatility in XRP’s price, but the upcoming CPI report could bring positive momentum to the market.