XRP enthusiasts are eyeing a significant price surge that could see the crypto reach $130. This prediction comes from XRP Captain (@UniverseTwenty), a crypto analyst and prominent member of the community. The analyst based his analysis on a weekly chart showing a symmetrical triangle forming and following the digital asset’s trajectory since 2017.
His analysis shows that XRP has been in a state of accumulation for almost seven years, and he describes the coming surge as the recoil of a spring that has been suppressed.
Read Also: Analyst Sets $1.88 and $5.85 XRP Price Targets in Anticipation of End to Correction
XRP Captain wrote, “XRP See You In 2024 At 130$. Keep In Mind It’s 7 Years Of Suppression. Imagine A Spring Which Is Suppressed For 7 Years.”
XRP Captain’s chart shows the formation of a symmetrical triangle. The digital asset has been trading in this triangle since 2017. The triangle’s lower trendline formed in March 2017 and has been converging with the upper trendline for over 6 years.
XRP embarked on an impressive rally in early 2017, carrying on into 2018, ultimately reaching its all-time high in January 2018. The drop XRP experienced after this contributed to the formation of the lower trendline of the symmetrical triangle.
XRP formed the upper trendline when it dropped from its all-time high of $3.82. It has not reached the same heights since then and has been on a persistent fall with a few major price surges. This downfall has shaped the upper trendline of the symmetrical triangle.
XRP has tried to break out multiple times with its surge to $1.96 in April 2021, and most recently, the surge to $0.93 was driven by Ripple and XRP’s victory on July 13. However, these attempts have been unsuccessful, and XRP has remained within the triangle.
XRP Captain attributes XRP’s poor performance to the cryptocurrency’s inability to break out of the symmetrical triangle. He anticipates that this breakout will come next year. XRP Captain has set a bold price target of $130 for when XRP manages to break free.
Read Also: ChatGPT XRP Price Predictions for 2024, 2028, 2032, and 2050
Many in the community were skeptical about XRP Captain’s analysis. JD (@jaydee_757), another prominent crypto analyst, stated that he didn’t believe XRP could reach a 3-figure price. He stated that $20 or more is the best case and added that he couldn’t wait for the breakout to start.
Another crypto analyst recently predicted that XRP will not reach $5 anytime soon. To hit the $130 target, XRP must print an impressive 26,731% rally from its current price of $0.4845. Although this is a massive jump and seemingly too ambitious, the crypto market is accustomed to such outrageous surges.
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