Renowned crypto analyst CryptoBull recently took to X to reveal a new market analysis projecting XRP to the moon. Citing historical records that culminated in XRP achieving its $3.84 all-time high (ATH) in January 2018, the crypto expert hinted at a repetition of a theory, “Bottom-Retrace -Top.”
According to the crypto analyst, the above phenomenon reoccurrence would see XRP surge to an incredible $220 price level.
#XRP went from $0.002 to $3.84 during its first major bullrun. We find that the bottom and the top line up with its retrace. If we follow the very same pattern this bullrun we could find XRP at $220. pic.twitter.com/Bimx3C5AAV
— CryptoBull (@CryptoBull2020) October 25, 2023
Read Also: Financial Experts Share Their Expected XRP Price For 2024
The Historical Trend Overview
Displaying an XRP price chart, CryptoBull highlighted the observable Bottom-Replace-Top pattern, explaining how it orchestrated XRP’s rally that saw the digital asset spike in its early days from $0.002 to the coin’s ATH of $3.84, as earlier stated.
In its early days, specifically, August 2013, a year after the XRP Ledger unveiled XRP as its dedicated token, the digital asset was worth $0.002, which CryptoBull’s shared chart spotlighted as the “Bottom” aspect of the Bottom-Retrace-Top theory.
The decline in August 2013 preceded a surge of about 3000%, which saw XRP trade at $0.0614 in December 2013. The rally in 2013 was short-lived, as the digital asset shed almost all profits and corrected at approximately $0.003 in July 2014.
Following the correction in 2014, XRP gathered momentum for about three years before it eventually broke through to stage a rally that lasted from March 2017 to January 2018, when it achieved its aforementioned all-time high.
XRP Retracing Previous Cycle?
Per CryptoBull, XRP is on a similar pathway to replicating its previous cycle, noting that the digital asset has succeeded in overseeing the “Bottom” and “Retrace” aspects of his observed theory.
It is worth noting that XRP traded for a price low of $0.1 in early 2017 before the rally that produced the bull cycle of 2017. Cryptobull spotlighted the $0.1 price mark as the new cycle’s Bottom.
For the Retracement aspect, the crypto analyst noted that it corresponds with XRP trading below its ATH, adding that this phase would culminate in XRP attaining the “Top” aspect.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Top Crypto Proponent: XRP Price Above $27 Is Not A Matter of “If” But “When”
Concluding his analysis, CryotoBull projected XRP to an incredible $220 price high from its Bottom price of $0.1, representing a 219,900% increase. On the other hand, the previous cycle that produced XRP’s ATH in January 2018 saw the digital asset spike by 191,900% from its $0.002 button price.
Meanwhile, at the time of writing, XRP is changing hands at approximately $0.5454 and has been up by 5.6% in the past week, according to CoinMarketCap.
Estimating the potential price rally from the current price level, XRP would have to surge 40,237% to reach the $220 projected by CryotoBull.
It should be noted that this article is not to be treated as financial advice. It only meant to educate readers. You need to do your own research (DYOR) before investing in any crypto asset.
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