A notable Bitcoin trader has provided an update on the trajectory XRP could cart in the coming days amid the burgeoning bull season, targeting a 244.61% rally.
The crypto analyst sees XRP nearing the $2 range in the coming months based on insight from patterns formed on the XRP chart.
Bitcoin Trader Targeting 244.61%
In a recent post on X, a Bitcoin trader using the pseudonym Crypto Scofield called attention to XRP’s upcoming price points.
Crypto Scofield posted a graph illustrating XRP’s one-week patterns, revealing the asset’s progression since its peak during the 2021 bull season.
Specifically, the chart illustrates that XRP’s candlestick patterns since the 2021 peak have formed a triangle shape. Notably, analysts have interpreted this development as bullish, indicating a potential breakout soon.
As a result, Crypto Scofield pinpointed two potential breakout targets for XRP. The first scenario suggests a surge to $1.2155, contingent upon a successful breakout from the established downtrend.
On the other hand, the analyst anticipates XRP approaching the $2 threshold, specifically setting his target at $1.9054.
$XRP Update pic.twitter.com/ErZHAhw5Dl
— Scofield (@Crypto_Scofield) February 16, 2024
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Considering XRP’s prevailing market value of $0.5529, a rally to $1.9054 implies a potential 244.61% growth rate.
While XRP peaked at around $1.8 in 2021, it last saw $1.9 during its explosive growth in late 2017 and early 2018.
It is noteworthy that Crypto Scofield did not specify a target timeline for XRP to reclaim $1.9. However, another technical analyst argued that XRP could provide holders with a threefold increase during this bull season.
Bitcoin Trader Targeting XRP at $7
Meanwhile, Crypto Scofield is not the only prominent Bitcoin trader that has issued an above $1 target for XRP. Recently, a Bitcoin day trader disclosed parts of his XRP portfolio showing a balance of 180,738 XRP valued at $102,746.
This Bitcoin day trader disclosed his intention to secure some profit from his XRP holdings when the price hits the $3 to $7 range.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Source: https://thecryptobasic.com/2024/02/17/crypto-scofield-maps-xrp-breakout-targets-eyeing-244-61-rally-to-1-9054-details/?utm_source=rss&utm_medium=rss&utm_campaign=crypto-scofield-maps-xrp-breakout-targets-eyeing-244-61-rally-to-1-9054-details