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The Block Bull, a U.K.-based crypto analyst, sees XRP pushing toward $246 if it can sustain a historical pattern that occurred after the last two Bitcoin halving events.
The analyst called attention to this pattern in a recent analysis on X, citing data from a weekly chart. Per the accompanying chart, XRP traded within a symmetrical triangle from 2015 to March 2017. This consolidation coincided with the second Bitcoin halving, which occurred in July 2016.
HOLY SH*T #XRP ‼️ https://t.co/1u3snybiey
I have just inserted the GREEN trendline and look how price has interacted from the bottom of 2017 cycle to the top of 2021 cycle (Highlighted yellow)$XRP will reach Approx $250 THIS CYCLE 🚀🚀 pic.twitter.com/ezEVdpiZs5
— 📈BLOCK BULL📈 (@TheBlockBull) May 7, 2024
XRP Historical Pattern Post Bitcoin Halving
However, 252 days after the Bitcoin halving, XRP recorded a breakout at the peak of the symmetrical triangle in March 2017. This breakout led to a sustained price uptrend, which culminated in an interim peak of $0.4345 in May 2017.
Notably, the interim peak came up 336 days after the Bitcoin halving, and 84 days after XRP broke above the symmetrical triangle. Following the interim peak, XRP continued to increase in price, eventually reaching the all-time high of $3.3 in January 2018, 539 days after the Bitcoin halving. This marked the end of the cycle.
This pattern again played out from 2020 to 2021. According to the chart, 252 days after the third Bitcoin halving, which occurred in May 2020, XRP witnessed a price breakout, recovering from the low of $0.2444 in January 2021.
Following this breakout, the market saw a sustained uptrend, eventually leading to the $1.96 high in April 2021, 84 days after the breakout occurred. This cycle ended in November 2021, with XRP unable to surpass the all-time high registered in January 2018.
An Ambitious $246 Price Target
However, The Block Bull believes it can scale above this level this time around, as he anticipates a repetition of the pattern this cycle. Recall that the fourth and latest Bitcoin halving occurred last month. The analyst expects XRP to stage the much-needed breakout 252 days later, essentially in December.
XRP is then expected to reach the interim peak for this cycle 336 days after the Bitcoin halving, putting the timeline in March next year. Interestingly, The Block Bull sees XRP reaching a top of $246 during this cycle, marking a massive 47,017% price upsurge from the current value of $0.52.
While this price appears extremely audacious, others have projected similar targets in the past. Last July, crypto analyst EGRAG predicted XRP to reach $1.4, $3.7 or $200 depending on its trajectory in the bull run. Pundit Javon Marks also asserted last week that XRP could reach $200 amid the appearance of its “largest coil pattern ever.”
Several market watchers have also set multiple targets for XRP price after the latest Bitcoin halving. Analyst Leb sees XRP breaking above the $3.8 ATH, while CrediBULL expects XRP to rally 100% against Bitcoin after the halving. Meanwhile, XRP continues to trade at $0.5221, up 3.46% this month.