Crypto analyst CryptoBull has conducted a detailed analysis of XRP's price movements, suggesting a significant breakout. According to his predictions, the digital asset could see an increase of over 42,000%, potentially reaching a price of $227.
The First Symmetrical Triangle
The monthly XRP chart shared by CryptoBull highlights two symmetrical triangles formed over the years. The first triangle emerged in late 2013, coinciding with the token's all-time high of $0.0614 in December 2013. XRP experience a steep decline after this rise, eventually bottoming out at $0.00281 in July 2014. This decline marked the start of a consolidation phase that lasted around 38 months. By early 2017, XRP broke out from this triangle, hitting a new all-time high of $3.84 in January 2018, which represented an increase of over 100,000%.
The Second Symmetrical Triangle
After peaking in January 2018, XRP's price saw another sharp decline, beginning the formation of a second symmetrical triangle that has persisted for over 80 months. During this period, XRP's price has continued to exhibit the pattern of higher lows and lower highs. According to CryptoBull, this pattern indicates a major breakout is likely to occur soon.
Future Projections
The $227 target set by the analyst is among the highest based on technical indicators and historical patterns. While some consider this target unrealistic, as it would bring XRP's market cap to almost $13 trillion, other experts have weighed in on XRP's potential, supporting the possibility of significant growth.
CryptoBull's forecast for XRP suggests the potential for significant gains based on historical patterns and technical analysis. However, this prediction has sparked various opinions and warrants further research before making investment decisions.
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