A crypto analyst predicts a massive Price breakout for XRP pricethe native token of the XRP Ledger (XRPL). Despite The sluggish price development of XRPThe analyst believes that this cryptocurrency could rise by as much as 42,263% and could potentially reach an ambitious price target of $280 in this bull cycle.
Roadmap to XRP price increase by $280
In an X (formerly Twitter) post On August 22, crypto analyst Javon Marks expressed his optimistic forecasts for XRPhighlighting critical points where the cryptocurrency is most likely to experience significant bullish momentum. Share a historical price chart that illustrates The 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 chart data, the XRP price formed a Triangle pattern between 2014 and 2017which led to its dramatic rise to an all-time high of $3.84 in 2018. Marks has noted that this triangle pattern has reappeared in the XRP chart from 2018 to 2024.
As a result, the analyst predicts that XRP is on track to experience a 42,263% increase, potentially pushing its price to a ambitious goal of $262.23. Given the current XRP price of $0.59, this projected 42,263% increase would put the cryptocurrency's price at around $253.15.
In his post, Marks notes that XRP was at or near the point where bullish breakout. He predicted that a price increase of XRP of around 3-4% from the current price level could trigger the expected breakout. While the analyst remains optimistic about XRP's future prospects, he also pointed out that the cryptocurrency trapped in a triangle pattern for about 6 years (2,424 days).
However, Marks revealed that if XRP manages to break out of this long-term pattern, it could attract significant buying interest and potentially trigger a strong “bullish presence” not seen since 2016-2017.
XRP Price Analysis Update
The price of XRP seems to be at a seemingly endless level. Consolidation phase has been trading consistently around the $0.5 mark for the past few years. After the conclusion of the nearly four-year legal battle between Ripple and the US Securities and Exchange Commission (SEC) XRP experienced a massive price increase which pushed the price above 0.6 USD.
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Although the cryptocurrency saw a 6% price increase last week, XRP has continuously could not stay above the $0.6 markAccording to CoinMarketCap, the cryptocurrency is currently trading at $0.598 and has seen a slight increase of about 0.23% in the last 24 hours.
A crypto analyst and XRP supporter known as the “XRP Captain” has highlighted a new technical pattern observed on XRP's 4-hour (4H) price chart. The analyst has identified this pattern as a “bull flag” and predicted that if XRP can break out of this unique bull pattern, the price could rise to a target of $0.65.
XRP price rises with crypto market | Source: XRPUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
