Analyst Predicts XRP Surge to $154: A Closer Look at the Chart Patterns
- CryptoBull predicts XRP could surge to $154 based on historical chart patterns.
- Egrag Crypto forecasts XRP trading between $1.2 and $1.5, emphasizing a potential breakout.
Crypto market analyst CryptoBull has drawn attention to a chart pattern that suggests XRP could surge to an extraordinary $154. This prediction is based on historical data and aims to revitalize bullish sentiment for XRP, which has underperformed since the bull market began in Q4 2023.
CryptoBull Draws Parallels to 2017 Bull Run
Despite this, historical trends show that XRP has the potential for dramatic increases. In 2017, XRP lagged behind before skyrocketing by 48,823%, outpacing the entire market. CryptoBull’s analysis suggests a similar pattern could occur in the current bull market.
CryptoBull’s prediction is rooted in historical data from the 2014 to 2018 market cycle. During this period, XRP surged from $0.002 in early 2014 to an all-time high of $3.84 in January 2018, marking a staggering 191,900% increase in nearly four years. The chartist highlights the formation of an ascending broadening wedge on the monthly chart during this price action.
The charts tell us #XRP to $154! pic.twitter.com/FuUaIRrG0e
— CryptoBull (@CryptoBull2020) May 21, 2024
An ascending broadening wedge consists of two trendlines, upper and lower, creating a broadening formation as the asset records higher highs and higher lows. Although typically seen as a bearish pattern, CryptoBull asserts that XRP could leverage this pattern for a significant upswing, as 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 propel XRP to $154. This would represent a 139,900% increase, potentially raising XRP’s market cap to $8.5 trillion, assuming its circulating supply remains stable
Analyst Forecasts XRP Ranging Between $1.2 and $1.5
Egrag Crypto, a respected market analyst, has projected that XRP could trade between $1.2 and $1.5 in the near future. The analysis on X highlights a bullish trend known as the ‘White Triangle’ on XRP’s chart. This pattern aligns with previous charts and Fibonacci levels 0.702 to 0.786, indicating a potential breakout.
#XRP Genuine Wake-Up Line (UPDATE):
This post is divided into two exciting sections:
Section 1: Break-out
The “White Triangle” break-out is aligning perfectly with our previous charts and the Fib 0.702 – 0.786 levels. The measured move is projected to be between $1.2 – $1.5.… https://t.co/9eQlnnFM13 pic.twitter.com/HqsdESlE1O— EGRAG CRYPTO (@egragcrypto) May 27, 2024
Egrag Crypto identifies a critical breakout point around $0.70 to $0.75, emphasizing that XRP could break out within the next few weeks. The token also holds strong 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 retest of the breakout might occur in the short term, the analyst remains confident about a significant upward movement ahead.
Dark Defender, another prominent crypto market analyst, has also shared a positive outlook for XRP. According to Dark Defender, XRP is in its ‘Grand Wave 3,’ which suggests 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 this writing, XRP’s price 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.
