- One analyst says that XRP is stuck in the same pattern it broke from to hit a new all-time high in 2018, and it could result in a 38,000% surge to a new all-time high.
- Others have revealed that XRP’s Bollinger Bands are the tightest they have ever been, and this narrowing signals an upcoming surge.
XRP has failed to capitalise on this year’s crypto bull market and is down 4.5% year-to-date, making it the worst-performing top ten crypto in the first eight months of the year. However, according to one analyst, XRP is set up for a 38,000% explosion.
XRP is changing hands at $0.5879 at press time, gaining marginally over the past day, reflecting a calm Sunday for the rest of the market whose market cap is 0.2% higher in the past 24 hours. However, XRP has managed to maintain its trading volume above the $1 billion mark, which defies the cyclical market trends where volume dips significantly over the weekend.
One analyst on X believes that this is the calm before the storm and that XRP is headed for a mega rally. Known to his 145,000 followers as Crypto Bull, he pointed out that the token has been trading inside a triangular pattern since it hit its all-time high of $3.84 in 2018.
Prior to setting the ATH, the token had been stuck in a similar pattern since 2014, and when it finally broke free, it was unstoppable, as shown below.
If XRP hits the same momentum again, it could rise as high as $227, which would be a 38,500% rise from its current price. This is an ambitious target, as it translates to the token having a market cap of over $12 trillion, which would be 12 times higher than Bitcoin and over three times bigger than Apple, the world’s most valuable company.
However, while it might not reach these numbers, breaking out of this multi-year triangular pattern is bound to supercharge XRP’s ascent and it could retest its previous all-time high at the very least.
Another analyst has his eyes set on a lower target. Known as Dark Defender to his 110,000 followers on X, he noted that the token’s recent activity had allowed it to retest the weekly relative strength index (RSI).
“I expect the price will strongly break $0.6044 within hours & proceed for the level boss, $0.6649. When the boss is eliminated, we will all say “Ciao” and never see him again,” he projected.
Other analysts have pointed out that XRP’s Bollinger Bands are the tightest that they have been for years, indicating that a big breakout will likely ensue. Bollinger Bands focus on the volatility of an asset and are plotted around its simple moving average. Whenever they narrow down, it indicates that there’s a squeeze in the market and volatility is low. This is followed by an explosive move.
The upcoming elections could hand XRP an even bigger boost, especially if Donald Trump wins. While he has pledged to establish a Bitcoin fund, Trump can’t build his decentralised financial platforms on BTC as the network can’t scale. XRP could be among those that benefit from this government-led move to DeFi.
