Crypto analyst TheBlockBull recently shared a technical chart and analysis on X, suggesting an imminent significant move for XRP within the coming weeks.
The chart posted on TradingView highlights a potential breakout pattern for the token, drawing parallels between XRP price movements and previous Bitcoin halving events.
According to TheBlockBull, XRP could experience a price surge similar to past patterns observed after Bitcoin halving events, potentially materializing in around seven weeks.
The analysis, which references historical data from Poloniex, shows XRP’s price movement since 2016 and aligns major price increases with Bitcoin’s halving events in 2016, 2020, and 2024. This chart suggests that XRP has a history of significant upward price action following Bitcoin halvings, with a large upward trend forming each time within similar timeframes.
The BIG accounts are saying. ITS.TIME. #XRP
However imo we are still 7 weeks away. 7 weeks before our wildest dreams become a REALITY 🚀🚀🚀
Full Plan: https://t.co/S0LQx5vbM7 📈📈 pic.twitter.com/QC7V9315go
— 📈BLOCK BULL📈 (@TheBlockBull) November 10, 2024
Key Observations from TheBlockBull’s Chart
The chart highlights three Bitcoin halving dates—July 2016, May 2020, and April 2024. Each halving date is marked by an orange line on the graph, followed by a red line indicating a period when XRP experienced noticeable upward price action.
The intervals are consistently measured, showing a timeframe of 252 days, or approximately 36 bars, where XRP’s price rose following the halving events.
TheBlockBull’s projection suggests that XRP’s next potential breakout window may fall around seven weeks from now, aligning with the historical timeline for price increases after halving events.
Community Reactions
The post received mixed reactions from XRP enthusiasts and skeptics on X. User “Good Boy” sounded optimistic, stating, “I have been waiting for this moment for 7 years. If I have to wait another 7 weeks to become rich, I think that’s okay.”
Good Boy’s comment reflects optimism and resilience. This is common among long-term XRP holders who believe in its potential but have waited years for substantial returns.
However, not all reactions were equally positive. Another user expressed skepticism, stating, “7 weeks. Been hearing that for 7 years. Everything will go up, not XRP. ADA will pass it again.”
This viewpoint represents the cautious side of the community, which has seen numerous predictions and missed opportunities over the years, leading some to question whether XRP can deliver on the expectations set by its community.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Analyzing XRP’s Price Patterns
XRP has been consolidating within a triangular pattern, which the chart highlights with a series of trend lines connecting the highs and lows since 2018. The price has oscillated within these boundaries for years, creating a contracting range that typically signals an eventual breakout.
In technical analysis, such triangular patterns often serve as a precursor to a significant price movement, as the compression phase gives way to either a breakout or breakdown.
The connection between Bitcoin halving events and XRP’s performance may appear speculative, but past data lends some weight to the argument. Each Bitcoin halving reduces the supply of newly mined Bitcoin, often leading to a supply-demand imbalance that has historically driven prices upward.
Since XRP is part of the broader crypto ecosystem, any substantial Bitcoin rally resulting from a halving event can create positive sentiment across altcoins, including XRP. Hence, the assumption that XRP could follow a similar trajectory as it has in past cycles has some historical merit.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
