Market analyst CryptoBull (@CryptoBull2020) has set ambitious price targets for XRP, predicting that the cryptocurrency could rise to $4.2, $7.2, or even $470. The analyst shared these targets in a post on X. This forecast is based on XRP’s historical price surges of 600%, 75,000%, and 1,000% from 2014.
Historical Consolidation Periods
CryptoBull identified a recurring symmetrical triangle pattern on XRP’s monthly chart, which he believes is a precursor to significant price breakouts. The first symmetrical triangle formed in 2013, when XRP dropped from a high of $0.0614 to $0.00379.
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After a drop to $0.00379 and a period of consolidation, XRP broke out of the triangle, and CryptoBull highlighted this remarkable surge of over 600% to $0.028 in December 2014.
XRP formed the second symmetrical triangle in 2017. This triangle was larger than the first and took XRP longer to break out. However, according to CryptoBull’s chart, XRP rallied 75,000% when it broke out, reaching a new all-time high of $3.84 in January 2018.
The third symmetrical triangle formed in 2021, and XRP broke out of it in April 2021. This breakout led to a 100% surge to $1.96. However, XRP’s price quickly corrected, and it has not reached that level since then.
#XRP projected prices are $4.20, $7.20 and $470 based on past breakouts. $XRP had a major breakout at the end of every triangle and we are about to finish the fourth triangle. Do you believe? pic.twitter.com/14AEfXlPQ5
— CryptoBull (@CryptoBull2020) November 21, 2023
The New Price Targets
XRP is currently in the fourth symmetrical triangle, and CryptoBull expects it to break out soon. Based on the previous price surges, he has set three price targets for XRP: $4.2, $7.2, and $470.
The $4.2 target is based on the 600% surge, and $4.2 represents a 602.9% surge from XRP’s current price of $0.61. This target is also close to a $4.5 price target set by another prominent crypto analyst.
Read Also: Top Bitcoin Analyst Shows Three Signs of Impending XRP Price Breakout
$4.2 is a modest price target compared to the other two, as the second target almost doubles it, at $7.2. This target signifies a 1,105% increase, drawn from XRP’s historical 1,000% surge.
The final and most ambitious price target is $470, signifying a 76,949% increase for XRP, which represents a market cap of about $25 trillion.
Crypto Bull’s predictions are based on a technical analysis of the XRP price chart. Although his targets are ambitious, the digital asset has a history of making strong price moves when it’s set for a bull run.
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