Prominent Analyst Draws XRP Bullish Path to 71,000% Price Rally

XRP has recently faced a period of lackluster performance. Despite its intended purpose as a facilitator for international transactions, its price has dipped to lows not seen in over a year. However, some analysts believe there might be a light at the end of the tunnel, pointing to historical data on the monthly time frame as a potential indicator of future bullish trends.

Crypto analyst LUDXRPFLR (@ludnlxrp) analyzed XRP’s price movements on the monthly timeframe, using a Heiken Ashi chart. This analysis revealed a potentially significant similarity between the current chart and those preceding major price increases in 2015 and 2017.

Read Also: Analyst Draws XRP Bullish Path to $27, Says XRP Is a True Gem 

LUDXRPFLR identified a recurring pattern of a protracted downtrend followed by a period of consolidation. In 2014-2015 and 2016-2017, XRP’s price initially experienced a significant decline.

This was followed by a period of relative stability, with the price finding support at a certain level. Notably, during these consolidation phases, the charts formed symmetrical triangles, technical indicators that can sometimes signal a potential trend reversal.

Following these periods of consolidation, XRP experienced explosive price surges. In 2015, the price rose tenfold from around $0.003 to $0.025. The surge was even more dramatic in 2017, with XRP witnessing a staggering 75,000% increase, propelling it to an all-time high of $3.84 by January 2018.

A Potential Setup for a Price Increase

The current XRP chart on the monthly timeframe appears to share similarities with the patterns observed before the 2015 and 2017 bull runs. After a downtrend, the price has found support around the $0.30 level and formed a symmetrical triangle between its 2020 and 2023 lows and the brief price increase in 2021.

Analyst LUDXRPFLR believes this repetition of historical patterns could indicate an impending price surge for XRP. By overlaying the price movement observed in 2017 onto the current chart, he projects a potential increase that could reach $305 by 2026. This would represent a remarkable surge of over 71,000%.

Read Also: ChatGPT Sets XRP Price For June 30, 2024

A Gradual Climb to $305

While the projected surge to $305 is certainly attention-grabbing, LUDXRPFLR acknowledges that the price increase would likely occur in stages. The initial phase could see XRP climb to $1.2 and then $2, very close to a range that another prominent analyst recently predicted. This would be followed by further potential rises to $6 and $16 before reaching the projected peak of $305.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.

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