CryptoBull, a crypto market analyst, has made a bold prediction for XRP, suggesting that it could surge to an astonishing $154 based on historical chart patterns. This forecast aims to revive bullish sentiment for XRP, which has been underperforming since the start of the bull market in Q4 2023.
CryptoBull draws parallels to the 2017 bull run, where XRP initially lagged behind before skyrocketing by an incredible 48,823%, outpacing the entire market. The analyst believes that a similar pattern could unfold in the current bull market.
The prediction from CryptoBull is based on historical data from the 2014 to 2018 market cycle. During this period, XRP experienced a massive increase from $0.002 in early 2014 to an all-time high of $3.84 in January 2018, representing a staggering 191,900% surge over almost four years. CryptoBull points out the formation of an ascending broadening wedge on the monthly chart during this price action.
An ascending broadening wedge consists of two trendlines, upper and lower, creating a broadening formation as the asset records higher highs and higher lows. While this pattern is typically seen as bearish, CryptoBull believes that XRP could leverage it for a significant upswing, just like it did in the previous cycle.
The chart pattern reappeared after XRP dropped to $0.11 in March 2020. CryptoBull predicts a similar price spike, which could push XRP to $154. This would result in a remarkable 139,900% increase, potentially raising XRP’s market cap to $8.5 trillion, assuming its circulating supply remains stable.
Another respected market analyst, Egrag Crypto, has forecasted that XRP could trade between $1.2 and $1.5 in the near future. The analysis highlights a bullish trend known as the ‘White Triangle’ on XRP’s chart, aligning with previous charts and Fibonacci levels 0.702 to 0.786, indicating a potential breakout.
Egrag Crypto identifies a critical breakout point around $0.70 to $0.75, emphasizing the possibility of XRP breaking out in the coming 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 short-term retest of the breakout is possible, the analyst remains confident about a significant upward movement.
Dark Defender, another well-known crypto market analyst, also shares a positive outlook for XRP. According to Dark Defender, XRP is currently in its ‘Grand Wave 3,’ suggesting 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 stands at $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.
