A crypto analyst predicts a huge one price breakout for XRP pricethe native token of the XRP Ledger (XRPL). Despite XRP’s sluggish price performanceThe analyst believes that this cryptocurrency could rise as much as 42,263%, potentially pushing this bullish cycle to an ambitious price target of $280.
Roadmap to XRP’s $280 price increase
In an X (formerly Twitter) after on August 22, crypto analyst Javon Marks expressed his opinion optimistic projections for XRPhighlighting critical points where the cryptocurrency is most likely to experience significant upward momentum. Sharing a historical price chart for illustration Price movements of XRP From 2014 to 2024, Marks outlined a unique triangle pattern that formed just before a bullish breakout in the cryptocurrency.
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Based on the data in the chart, the XRP price formed a triangle pattern between 2014 and 2017leading to a dramatic rise to an all-time high of $3.84 in 2018. Marks found that this triangle pattern reappeared on the XRP chart between 2018 and 2024.
As a result, the analyst predicts that ambitious target from $262.23. Considering XRP’s current price of $0.59, this expected 42.263% increase would bring the cryptocurrency’s price to approximately $253.15.
In his post, Marks notes that XRP was at or near the point of a bullish breakout. He predicted that if the price of While the analyst remains optimistic about XRP’s future prospects, he also pointed out that the cryptocurrency has been was stuck in a triangle pattern for about six years (2,424 days).
However, Marks has revealed that if XRP can successfully break out of this long-term pattern, it could attract a significant amount of buying interest, potentially leading to a strong ‘bullish presence’ not seen since 2016 to 2017.
Update on XRP Price Analysis
The price of XRP is seemingly never ending consolidation phase has consistently traded around $0.5 in recent years. Following the conclusion of the nearly four-year lawsuit between Ripple and the US Securities and Exchange Commission (SEC), XRP witnessed a massive price increase causing it to trade above $0.6.
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Although the cryptocurrency has seen a 6% price increase over the past week, XRP has continued to do so failed to stay above the USD 0.6 level. The cryptocurrency is currently trading at $0.598, witnessing a slight increase of around $0.23% in the past 24 hours, according to CoinMarketCap.
A crypto analyst and XRP supporter identified as ‘XRP Captain’ has done just that marked observed a new technical pattern on the 4-hour (4H) price chart of XRP. The analyst has identified this pattern as a bull flag and predicts that if XRP can break out of this unique bull pattern, the price could rise to a target of $0.65.
Featured image created with Dall.E, chart from Tradingview.com