As a long-term XRP investor, I have seen the ups and downs of this coin over the past 7 years. The constant worry about the price being stuck in an accumulation zone has been a source of frustration for many of us in the community. However, recent analyses by crypto experts Babenski and U-Copy have given us reasons to be optimistic.
For the past seven years, the XRP price has been trapped within an accumulation area, causing unease among investors. Yet, optimism may be on the horizon as a cryptocurrency analyst predicts that XRP’s price is poised to burst free from this long-term holding pattern.
XRP Price To Break Out And Complete 1,200% Rally
In a recent analysis on TradingView, crypto expert Babenski has rekindled XRP investors’ optimism towards the coin, forecasting that it may soon shatter its prolonged period of price consolidation. Based on Babenski’s assessment, XRP is currently making an attempt to surpass this phase of accumulation and could potentially succeed in doing so.
Back in 2017, I started accumulating XRP during its impressive bull run. The plan was to hold onto these assets until the next major market upturn which was predicted to occur around 2021. However, the unexpected lawsuit filed by the US Securities and Exchange Commission (SEC) against Ripple in late 2020 significantly impacted the XRP price. This setback caused a crash while other cryptocurrencies continued to rally.
After that point, XRP has stayed within its accumulation zone without managing to surpass the $1 mark, despite gaining some ground against regulators in 2023. This period of accumulation has persisted into 2024, but given the anticipated bull market this year, it might be ripe for XRP to outperform.
According to Babenski’s analysis, if the XRP price breaks free from its current accumulation, there could be a substantial surge in value. The cryptocurrency expert predicts that the price may skyrocket by over 1,200%, reaching a never-before-seen peak of $6. This would result in a new record-breaking high for XRP.
Other Analysts See The Same Trend
Expert: Babenski isn’t alone among crypto analysts who anticipate that XRP‘s price may shatter its 7-year accumulation in the year 2024. Analyst U-Copy has similarly made this observation, expressing it on their X (formerly Twitter) account.
Based on his analysis, the XRP price is nearing completion of its triangle pattern, which started forming in 2027. He pointed out that the final price gap was previously filled at the $0.46 mark, and given that the current price is above $0.5, a potential breakout might occur soon.
As a crypto analyst, I, U-Copy, did not provide a specific price prediction for XRP in my analysis. However, I am convinced that something significant is likely to unfold by December 2024 during the current bull market cycle. My statement was, “I don’t have a target price but things could potentially explode in size up to December.”
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2024-05-29 04:16