A notable Bitcoin trader has provided an update on the trajectory XRP could cart in the coming days amid the burgeoning bull season, targeting a 244.61% rally.
The crypto analyst sees XRP nearing the $2 range in the coming months based on insight from patterns formed on the XRP chart.
Bitcoin Trader Targeting 244.61%
In a recent post on X, a Bitcoin trader using the pseudonym Crypto Scofield called attention to XRP’s upcoming price points.
Crypto Scofield posted a graph illustrating XRP’s one-week patterns, revealing the asset’s progression since its peak during the 2021 bull season.
Specifically, the chart illustrates that XRP’s candlestick patterns since the 2021 peak have formed a triangle shape. Notably, analysts have interpreted this development as bullish, indicating a potential breakout soon.
As a result, Crypto Scofield pinpointed two potential breakout targets for XRP. The first scenario suggests a surge to $1.2155, contingent upon a successful breakout from the established downtrend.
On the other hand, the analyst anticipates XRP approaching the $2 threshold, specifically setting his target at $1.9054.
$XRP Update pic.twitter.com/ErZHAhw5Dl
— Scofield (@Crypto_Scofield) February 16, 2024
Considering XRP’s prevailing market value of $0.5529, a rally to $1.9054 implies a potential 244.61% growth rate.
While XRP peaked at around $1.8 in 2021, it last saw $1.9 during its explosive growth in late 2017 and early 2018.
It is noteworthy that Crypto Scofield did not specify a target timeline for XRP to reclaim $1.9. However, another technical analyst argued that XRP could provide holders with a threefold increase during this bull season.
Bitcoin Trader Targeting XRP at $7
Meanwhile, Crypto Scofield is not the only prominent Bitcoin trader that has issued an above $1 target for XRP. Recently, a Bitcoin day trader disclosed parts of his XRP portfolio showing a balance of 180,738 XRP valued at $102,746.
This Bitcoin day trader disclosed his intention to secure some profit from his XRP holdings when the price hits the $3 to $7 range.