Prominent analyst JayDee asserts that XRP is getting close to the widely forecasted astronomic breakout by the day with each candlestick formation.
In one of his latest analyses on XRP’s outlook, Dee presented a chart indicating a target range of upwards of $7.5 for XRP when the breakout occurs.
The chart illustrates that since XRP’s meteoric rise in 2017/2018, the asset has faced setbacks, establishing lower lows and dropping from a peak of over $3.8 to below $1.
Notably, a brief surge emerged during the 2021 bull cycle, but it was insufficient to surpass the 2018 record. Subsequently, XRP resumed its downtrend until its current position at around $0.47.
The overall trajectory since the 2018 peak has formed a giant triangle pattern. Multiple analysts have used this formation to project an explosive breakout rally that could surpass the 2018 record.
This optimism is inspired by a similar pattern between 2013 and 2017, during which XRP experienced a shorter four-year consolidation phase. A breakout from that pattern drove XRP’s market value up by 60,000%, from around $0.006 to its all-time high of $3.84.
XRP Closing in On a 15X Surge
Essentially, JD, like many other market watchers, anticipates a repeat of this historical pattern. Considering XRP’s floor price of $0.4754, his target of above $7.5 suggests an anticipated growth of over 1,477% or more than a 15X surge for XRP.
The analyst noted that XRP is closing in on this target with each candle, expecting it to materialize by 2025. However, Dee acknowledged that the journey from $0.4754 to $7.5 would not be “up only.”
As a result, he urged those who believe in his projection to take profits at strategic points during the run toward the threshold.
#XRP – if counting wicks/candles, then were gettin close to🚀
Dumb Money who missed my LIFE CHANGING calls will DENY this chart bc they "Know what they hold" for years just to 1x🤦♂️
We will make sure to take PROFITS on Dumb Money! It will be a FUN but VERY SAD cycle for most!🙏… pic.twitter.com/91eeDwY5Ax
— JD 🇵🇭 (@jaydee_757) June 22, 2024
Other Analysts Expectations
Meanwhile, other market watchers have set much higher target prices for XRP upon a breakout from its giant triangular formation. A recent analysis on TradingView proposed a threshold above $17. Analyst Javon Marks has one of the most ambitious projections, anticipating an explosive 37,635% surge to $200.
However, it is worth noting that XRP’s recent performance in this bull market has not aligned with these popular bullish expectations from analysts. During Q1, XRP underperformed compared to 61% of top-ranking crypto assets, and its condition has not improved as Q2 is about to end.
Disclaimer: 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’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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