- Similar Downtrend in 2014
- Potential Shakeout Ahead
- Price Target of $10
- Confidence in a Downtrend
After being caught in a downtrend for nearly six years, XRP is finally about to break out, according to a prominent XRP community proponent, Alex Cobb.
Alex Cobb, a prominent XRP community figure, noted in a recent post that XRP investors have remained resilient throughout the downtrend, continuing to fill their bags in hopes of an eventual breakout.
Citing data from a monthly chart, Cobb showed that XRP has been in a downtrend since it dropped from its all-time high in January 2018. However, he pointed out that historical data suggests that a breakout is on the horizon.
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Similar Downtrend in 2014
Cobb noted that XRP experienced a similar downtrend as far back as 2014 when it collapsed from the high of $0.0614 in December 2013. The ensuing downward trendline persisted for four years, with a breakout coming up in 2017.
Interestingly, XRP observed a series of ups and downs before engineering the breakout. These patterns are categorized into five waves, with the last wave characterized by a “final shakeout.” The breakout occurred shortly after this final shakeout.
Potential Shakeout Ahead
Cobb emphasized that XRP is about to face this final shakeout before staging the breakout. Notably, the first four waves have priced in, with the fourth wave resulting from the asset’s recent mild recovery campaign.
XRP is expected to print months of losing candles before soaring by astronomical margins. “Some could argue that history states one more final shakeout before the sleeping giant awakes,” Cobb remarked.
Read Also: Santiment Explains Reason For XRP Price Decline, Sees Increase in Chances of Recovery
Price Target of $10
The influencer projects a price target of $10 should this rally materialize. At XRP’s current value of $0.63, this would mark a 1,487% increase in value. While this seems like an ambitious forecast, it is interesting to note that XRP rallied at a much greater rate than the last time.
In 2016, XRP was trading at a high of $0.00947 before the final shakeout. However, after the shakeout, it surged to an all-time high of $3.31. This marked a massive 34,852% increase within a year and two months.
#XRP We have waited 6 years for this moment, stacking up our bags as much as possible. Some could argue that history states one more final shakeout before the the sleeping giant awakes.
When we get there, don't let people call you "lucky"
XRP rewards brutal patience.
First… pic.twitter.com/QPenKtXkmo
— Alex Cobb (XRP) (@AlexCobb_) August 6, 2023
Confidence in a Downtrend
Cobb expects a similar pump this time. The influencer’s confidence is bolstered by the fact that XRP is the first asset to defeat the SEC in a legal battle, the first altcoin to get regulatory clarity, and the first crypto project to partner with leading banking institutions.
Despite these feats, Cobb expects XRP to be the last asset to pump. XRP’s potential remained subdued in the previous bull run due to the legal pressure from the SEC’s lawsuit.
Disclaimer
These projections should not serve as investment advice, as past successes do not guarantee future performance.
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