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With XRP’s market value around $0.5483, crypto market participants eagerly anticipate XRP repeating the explosive 75,000% trajectory witnessed years ago.
In a recent post on X, a crypto analyst projected that XRP could be worth $353 if historical patterns repeat themselves. The analyst highlighted the anticipation of XRP breaking out of a multi-year symmetrical triangle as the foundation of the bullish outlook.
He recalled XRP’s surge of 61,000% observed six years ago. Based on that, the analyst envisions a repetition of the pattern and suggests a potential future value of $353.
#XRP surged by 61,000% back in 2017.
If XRP do the same again we will end up at $353!Lets break out this multi year triangle!🔥🔥🔥 pic.twitter.com/oUcYk7b5JG
— Lord XRP (@Bitforcoinz) January 16, 2024
However, on-chain data suggested that XRP had recorded an even more daring percentage growth through 2017 and 2018.
XRP History
Significantly, the foremost XRP symmetrical triangle took shape after the asset experienced a decline from its peak at $0.0614 in December 2013.
During this period, the asset recorded seven consecutive monthly losses, culminating in a collapse to $0.00379 by June 2014. Notably, a breakout from the triangle did not materialize until October 2014, which led to a remarkable 600% growth.
Following the rally, XRP peaked at $0.0280 in December 2014. Subsequently, the cryptocurrency experienced another price decline, leading to the formation of a second symmetrical triangle, which had a longer duration compared to the first.
Nonetheless, XRP successfully concluded the second triangle formation in February 2017. Subsequently, there was yet another breakout, initiating a year-long rally. XRP surged to its current all-time high of $3.84 in January 2018.
Given XRP’s price of $0.005589 in February 2017, it implies the asset had witnessed an extraordinary surge of about 75,000% to the $3.84 peak in 2018.
Road to Another XRP 75,000% Surge
Meanwhile, following the impressive surge to $3.84, bears exerted considerable pressure on XRP, forming the third and fourth symmetrical triangles.
Nonetheless, analysts have argued that XRP is approaching the conclusion of this fourth symmetrical triangle, with only a few months remaining.
The analysts have used the impending breaking out of the fourth symmetrical triangle to project various values for XRP, including forecasts for $5, 10, and even $89.
Given that XRP has not surpassed its 2018 all-time high of $3.84, achieved through a remarkable 75,000% surge, a replication of such an astronomic growth percentage could potentially imply that the asset might be valued at $411 in the future, considering XRP is $0.5483.
Ultimately, the future performance of XRP’s price in the coming months remains to be seen.