Top Analyst Identifies XRP Pattern That Could Lead to $154

Crypto market analyst CryptoBull calls the public’s attention to a chart pattern suggesting an imminent XRP surge to an audacious $154 price, citing historical context.

The chartist disclosed this in one of his recent analyses on XRP’s price movements, looking to trigger a rejuvenation of bullish sentiments amid XRP’s dull performance. For context, XRP has not performed as well as the broader market since the bull market took course in Q4 2023.

XRP’s Perceived Underperformance 

Notably, XRP has only increased by a meager 4.2% since October 2023. Meanwhile, Bitcoin (BTC), the premier cryptocurrency, is up 154% within the same timeframe, with Ethereum (ETH) recording a gain of 124%. Remarkably, Solana (SOL) has soared by an impressive 690% during this period.

The Crypto Basic reported two months back tha up to 61% of the top 100 crypto assets had outperformed XRP over the past year. Despite this bearish outlook, data shows that XRP also lagged behind the broader crypto market in 2017 before engineering its meteoric 48,823% rally to outperform the entire market.

CryptoBull’s recent analysis suggests that this trend could repeat in the ongoing bull market. The analyst cited historical data from the 2014 to 2018 market cycle, which saw XRP surge from $0.002 in early 2014 to the all-time high of $3.84 in January 2018. This marked a remarkable 191,900% rise in nearly four years.

The charts tell us #XRP to $154! pic.twitter.com/FuUaIRrG0e

— CryptoBull (@CryptoBull2020) May 21, 2024

Audacious XRP Target of $154

Interestingly, during this price action, XRP observed the formation of an ascending broadening wedge on the monthly chart. This pattern consists of two trendlines, upper and lower, creating a broadening formation. The pattern forms when an asset records higher highs and higher lows.

While ascending broadening wedges typically have a bearish bias, CryptoBull’s chart asserts that XRP could be riding the wave for an upsurge. This occurred during the 2014 to 2018 price action, with the market analyst suggesting an imminent repetition.

XRP formed this pattern again after collapsing to $0.11 in March 2020. The chart predicts a price spike similar to the previous one, which could lead XRP to an audacious target of $154. Such a movement would translate to a 139,900% price increase, putting XRP’s market cap at $8.5 trillion, supposing its circulating supply remains fairly stable.

As a result, market participants have expressed doubt, contending that such a target is not particularly realistic. In a similar analysis, market watcher Casi projected a more feasible target of $8 to $13. Meanwhile, analyst EGRAG predicts a rise to $5.89. XRP currently trades for $0.5345, up 6.93% this month.