TradeCrew’s Oaksacorn forecasts that XRP could rally to $43 in September 2024, asserting that the current crypto market is replicating the 2015-2017 cycle.
Despite a federal court declaring XRP a non-security, the coin has continued to trade within the $0.5 price level. Recall that XRP surged to around $0.85 following the court’s ruling in the SEC v. Ripple lawsuit.
However, XRP has shredded most of its gains amid the turbulent bear market, leaving most investors underwater. According to CoinGecko data, XRP was changing hands at $0.505 at press time, up 0.8% over the past day.
While many investors expected XRP to surge tremendously following the positive court ruling, the devastating effect of the bear market has been weighing down the coin alongside other crypto assets.
Several analysts have continued to give favorable predictions for XRP. As reported earlier, seasoned crypto analyst EGRAG speculated that XRP could potentially reach $2.
Analysts Says XRP Could Hit $43 in September 2024
Interestingly, Oaksacorn, a pseudonymous crypto analyst on TradingView, has also forecasted a massive rally for XRP.
In the latest prediction, Oaksacorn noted that the current crypto market is making similar movements to what was observed in the 2015-2017 cycle.
Consequently, Oaksacorn speculated that XRP could hit a price target of $43 if the trend continues. To hit the $43 target, XRP would need to rally 8,514% from its current price.
Per Oaksacorn, it will take a little while before XRP achieves this feat, as he expects his prediction to play out by September 2024.
Furthermore, the analyst also made another jaw-dropping prediction for XRP. According to the analyst, if the crypto market continues to imitate the 2015-2017 cycle, XRP could rally to an impressive $249.
BTC to Hit $215K in September 2024
Aside from XRP, Oaksacorn also provided favorable predictions for Bitcoin (BTC), the world’s largest crypto by market cap.
Drawing parallels to the 2015-2017 market cycle, the analyst forecasted that BTC could hit $215K by September 2024.
He added that BTC could trade around $1.247 million if the current market continues to mimic the 2015-2017 cycle.
Upcoming Bitcoin Halving
It bears mentioning that 2024 is set to be the year for the next Bitcoin halving – an event where BTC miners’ rewards are slashed in halves. Historically, the crypto market eventually turns bullish, mostly after the periodic Bitcoin halving.
The next Bitcoin halving will occur around April 2024, five months before the timeframe Oaksacorn expects his predictions to play out.
While Oaksacorn’s prediction seems extremely bullish, the analyst stressed that the forecast is not trading advice but “technical and valuation ramblings.”
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
