As a seasoned crypto investor with a keen eye for market trends and a knack for spotting undervalued gems, I find the recent bullish predictions about XRP quite intriguing. The parallels drawn between the current consolidation phase and past breakouts are compelling, especially considering the historic performance of XRP. If we look back at 2017 and 2021, it’s clear that XRP has a penchant for significant price surges following lengthy consolidation periods.
As Ripple‘s legal tussle with the US SEC appears to be tilting in its favor, cryptocurrency experts are expressing optimism about XRP. Here’s a snapshot of XRP:
The analyst arrived at this conclusion by examining the price movements of XRP since 2015, over a period of one week. Moreover, his graph shows a pattern of consolidation that has occurred twice before in its history. The chart also marks significant dates from 2015, demonstrating how XRP has exited similar consolidation phases in the past.
2017 marked the initial significant surge for XRP as its price dramatically increased after a 36-week phase of accumulation. During this buildup, the trading volume for XRP soared to an impressive 711.25 million.
Remarkably, after hitting a low of $0.0053 in February 2017, XRP experienced a substantial surge that eventually took it to an all-time high of $3.31 in January 2018, representing the most impressive rally the altcoin has ever seen in its history.
The diagram you see illustrates another period of consolidation in May 2020, which lasted approximately 36 weeks beyond that point. But, despite the ongoing Securities and Exchange Commission (SEC) lawsuit, the surge in XRP prices extended only up to $1 during the bull run in 2021.
According to the analysis, XRP is nearing the end of another period of consolidation, and there’s a possibility of a breakout happening within nine weeks, estimated for December 2024. If this pattern continues as in past instances, XRP could witness a substantial price increase similar to previous market cycles.
XRP Can Outshine Ethereum, Predicts BitBoy
crypto analyst Ben Armstrong (BitBoy) recently forecasted that XRP could overtake Ethereum to become the second largest cryptocurrency in terms of market capitalization by the year 2025.
He mentioned that, back in 2017, XRP had shown the ability to achieve similar successes before, and given that the SEC lawsuit seems to be nearing its resolution, there’s a good chance it could repeat this performance.
For quite some time now, there has been a common question: Which Layer-1 network will overtake Ethereum? However, contrary to what many believe, it won’t be Solana taking the lead in 2025. Instead, expect Ripple (XRP) to be holding the number 2 position. Keep an eye on the markets, as a shift is imminent. The change is on its way.
— The BitBoy (@BenArmstrongsX) October 21, 2024
According to BitBoy’s analysis, the price of Ethereum could potentially double or even triple during the next market surge. Yet, he anticipates a substantial wave of selling as Ethereum approaches a market capitalization of one trillion dollars.
Alternatively, he is of the opinion that XRP has not yet fully contributed to its potential. He foresees a significant 20x increase in the upcoming bull run, which could push the XRP price up to approximately $11. This would bring the market capitalization of XRP closer to an impressive $700 billion.
BitBoy holds the view that Ripple (XRP) could outperform Ethereum, given Ethereum’s initial slow start. He is convinced that once XRP starts to climb, Ethereum might have already peaked and be on a downward trend. Moreover, he posits that if XRP manages to multiply its value by 25 or 30 times, it’s only natural for it to surpass Ethereum in the process.
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2024-10-25 16:08