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A crypto analyst is predicting a massive price breakout for the $XRP price, the native token of the $XRP Ledger (XRPL). Despite $XRP’s sluggish price performance, the analyst believes that this cryptocurrency could soar as high as 42,263%, potentially hitting an ambitious price target of $280 this bullish cycle.
Roadmap To $XRP’s $280 Price Increase
In an X (formerly Twitter) post on August 22, crypto analyst, Javon Marks expressed his optimistic projections for $XRP, highlighting critical points where the cryptocurrency is most likely to experience a significant upward momentum. Sharing a historical price chart illustrating $XRP’s price movements from 2014 to 2024, Marks outlined a unique triangle pattern which formed just before a bullish breakout in the cryptocurrency.
Based on the chart’s data, the $XRP price formed a triangle pattern between 2014 and 2017, which led to its dramatic surge to an all-time high of $3.84 in 2018. Marks has identified that this triangle pattern has reemerged in $XRP’s chart from 2018 to 2024.
As a result, the analyst forecasts that $XRP is on track to witness a 42,263% surge, potentially propelling its price to an ambitious target of $262.23. Given $XRP’s current price of $0.59, this projected 42,263% increase would bring the cryptocurrency’s price to around $253.15.
In his post, Marks notes that $XRP was right at or near the point of a bullish breakout. He predicted that if $XRP’s price increases by about 3% to 4% from its current price level, it could trigger the anticipated breakout. While the analyst remains optimistic about $XRP’s future outlook, he also pointed out that the cryptocurrency has been stuck in a triangle pattern for roughly 6 years (2,424 days).
However, Marks has revealed that if $XRP can successfully break out of this long term pattern, it could attract a significant amount of buying interest, potentially sparking a strong “bullish presence,” not seen since 2016 to 2017.
Update On $XRP Price Analysis
The price of $XRP has been on a seemingly never ending consolidation phase for the past few years, persistently trading around the $0.5 price mark. Following the conclusion of the almost four year long court battle between Ripple and the United States Securities and Exchange Commission (SEC), $XRP witnessed a massive price surge which pushed it to trade above $0.6.
Although the cryptocurrency has seen a 6% price increase over the past week, $XRP has continually failed to hold above the $0.6 level. The cryptocurrency is currently trading at $0.598, witnessing a slight increase of about $0.23% in the last 24 hours, according to CoinMarketCap.
A crypto analyst and $XRP supporter identified as ‘$XRP Captain’ has highlighted a new technical pattern observed on the 4-Hour (4H) price chart of $XRP. The analyst has identified this pattern as a “bull flag,” predicting that if $XRP can break out of this unique bull pattern, the price could rise to a target of $0.65.
