Market Strategist Spots XRP Pattern that Could Trigger 28,900% Rally to $154

XRP has exhibited muted growth compared to the broader cryptocurrency market in recent months. While Bitcoin and Ethereum have experienced significant gains since the bull market began in late 2023, XRP has remained between $0.5 and $0.6.

Bitcoin has reached a new all-time high, but XRP has failed to mirror this performance, causing prominent figures in the community to call on Ripple CEO Brad Garlinghouse to do something.

This underperformance has also led some analysts to question XRP’s prospects. However, a closer look at historical data and technical indicators suggests a potential for significant price appreciation in the coming months.

XRP’s Historical Lag and Subsequent Surge

Interestingly, XRP has a history of lagging behind the market at the start of bull runs, followed by periods of explosive growth. Data from 2017 reveals a similar pattern.

Despite underperforming the broader market initially, XRP surprised investors with a meteoric rally, ultimately surpassing the gains of other major cryptocurrencies with its climb of almost 49,000%. This historical context provides a basis for optimism regarding XRP’s potential in the current bull market.

Ascending Broadening Wedge and Potential Targets

Crypto analyst CryptoBull (@CryptoBull2020) has identified a pattern on XRP’s monthly chart that potentially indicates an upcoming price surge. This pattern, known as an ascending broadening wedge, is typically formed by higher highs and higher lows, suggesting a potential for continued upward momentum.

While this pattern can sometimes have bearish implications, CryptoBull argues that XRP’s historical performance within a similar pattern, observed during the 2014-2018 cycle, suggests a bullish interpretation may be more applicable.

During the 2014-2018 market cycle, XRP exhibited a similar ascending broadening wedge formation on its monthly chart. This period saw a remarkable price increase, propelling XRP from $0.002 in early 2014 to its all-time high of $3.84 in January 2018. CryptoBull suggests that XRP could replicate this historical price movement within the ongoing bull run.

He believes XRP will climb from the bottom of the wedge at $0.11 to an astounding $154 target. XRP is trading at $0.53, showing a 1.11% increase over the past 24 hours. However, this is nothing compared to the potential 28,900% surge required to reach CryptoBull’s $154 target.

Although other analysts have set lower targets, XRP has performed better before, and could easily recreate this surge based on past performance.

Follow us on Twitter, Facebook, Telegram, and Google News

Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.