A crypto analyst has predicted a mega-bullish rally for the XRP price, the native token of the XRP Ledger (XRPL). Using trend lines, a technical analysis tool used to identify the direction in which a cryptocurrency’s price is moving, the analyst has projected a breakout to $250.
Analyst Predicts XRP Is About To Go Parabolic
A crypto analyst identified as “The Block Bull,” on X (formerly Twitter) has shared a blueprint of XRP’s price action during this market cycle. The analyst has identified crucial junctures for XRP, including anticipated break-out points, interim peaks and the transition into a bear market as the market cycle completes.
He has projected that XRP could rise to $250 during this bull cycle, potentially experiencing a 46,900% surge by year-end, with the momentum extending into 2025.
Sharing a chart depicting XRP’s price movements from 2015 to 2024, the crypto analyst noted several super cycles XRP had experienced. He revealed that XRP had witnessed a breakout in 2018, occurring 36 weeks after the Bitcoin halving and concluding after 77 weeks.
During the second Bitcoin halving in 2021, the crypto analyst revealed that XRP also underwent another breakout within 36 weeks, reaching an interim peak 48 weeks after Bitcoin halving. Based on this time analysis of the XRP price, The crypto pundit projects a parabolic surge in XRP’s price in the present market cycle, potentially leading to a breakout 36 weeks after the Bitcoin halving event on April 20, 2024.
The Block Bull foresees the possibility of XRP experiencing a breakout akin to previous cycles, with a potential interim peak 48 weeks after the Bitcoin halving, specifically on March 24, 2025. Additionally, he suggests that XRP could transition into a bear market phase by October 2025, likely within the first or second week of the month.
XRP Price Update
Currently, 20 days after the 2024 Bitcoin halving event, XRP’s price is trading at $0.51, marking a monthly price decrease of 15.90%, according to CoinMarketCap. The cryptocurrency has failed to witness a significant rally, despite the market’s overperformance at the beginning of the year.
While The Block Bull has maintained an optimistic outlook for XRP’s price trajectory in the 2024 bull cycle, several community members hold divergent views. A crypto member who criticized the analyst’s ambitious price target, argues that a more conservative rise to $1 for XRP seems more plausible than a dramatic surge to $250 by the end of the year.
Others have outrightly dismissed the $250 price prediction, highlighting the prevailing pessimism within the broader crypto community concerning the XRP’s price fundamentals. Since the legal clash between Ripple and the United States Securities and Exchange Commission (SEC), the XRP price has declined significantly, struggling to regain its past momentum.
The cryptocurrency has also been consolidating around the $0.5 price point for months, disappointing most XRP investors and holders who hope for a potential price surge to new all-time highs.
XRP price trending at $0.51 | Source: XRPUSDT on Tradingview.com
Featured image from NewsBTC, chart from Tradingview.com
Source: https://bitcoinist.com/xrp-price-46900-246/