A crypto analyst has presented a 39-month analysis that could determine when the XRP price will rise rise to a new all-time high. The analysis marks a return of this trend, where XRP could rise to $1,000.
The 39 month cycle
The pseudonymous crypto analyst NeverWishing on TradingView has presented a rather convincing 39-month cycle trend that often ends with a significant increase in the XRP price. The last time this trend completed was in mid-2020, just before the 2020/2021 bull market began.
When this trend was marked three years ago, it ended with an increase in the price of increase occurs. .
In the chart presented by NeverWishing, the expected price increase this time will look less like the 2020-2021 trend and more like the 2017-2018 trend. In 2017, when the 39-month cycle jump occurred, XRP went from $0.005 to $3.3 at its peak, marking a 66,000% price increase.
However, the analyst expects even more explosive growth, with the XRP price rising from around $0.53 to $1,000 by the time the rally is complete. This means an increase of more than 188,000% compared to the current price level.
XRP nosedive to $0.51 as bears take control | Source: XRPUSD on Tradingview.com
When will the XRP price reach $1,000?
The previous 39-month cycle jumps outlined by the crypto analyst both peaked just under a year later. The 2017-2018 rally lasted eleven months and the 2020-2021 rally lasted ten months, so it is expected to stay close to this time frame this time around.
NeverWishing’s chart shows the rally starting in November and reaching $2 in the next four months. From that point on, several key price levels have been outlined, including $16 by the end of April 2024 and $118 by June 2024.
Roadmap to $1,000 | Source: Tradingview.com
The crypto analyst then sets a target date for the $1,000 top price of December 2024, about 13 months after the start of the rally. So if this prediction comes true, the XRP price could be trading between $869 and $1,000 in just over a year.
The 39-month cycle trend resembles the four-year Bitcoin cycle. Unlike Bitcoin, whose four-year cycle is marked by the infamous halving, XRP’s 39-month cycle has no significant event. Instead, it appears that the work is primarily tracked on a time basis.
Nevertheless, some recent developments could lend credence to a bull rally like Ripple’s multiple victories against the US Securities and Exchange Commission (SEC) just this year alone. Furthermore, Ripple has been expanding its footprint globally as it looks to take a large part of the payments industry for itself.
Featured image from Bitcoinist, chart from Tradingview.com