A prominent market analyst insists XRP holders are about to make a lot of money, suggesting the market has not yet priced in XRP’s victory in the SEC lawsuit.
Crypto Beast, a notable market commentator, made this assertion in a recent disclosure amid the current market uncertainty. Despite XRP’s pullback from $3.4 and the ongoing bearish consolidation around $2, Crypto Beast insists XRP has not yet hit its top for this cycle.
This aligns with projections from analyst EGRAG, who recently dismissed claims that the top is already in at $3.4. Specifically, Crypto Beast presented a weekly XRP chart highlighting an extensive symmetrical triangle structure that points to a more expensive uptrend for the crypto asset.
XRP Symmetrical Triangle Breakout Points to Higher Targets
Notably, data from his chart shows that XRP has observed two such symmetrical triangle structures since late 2013. For context, the first symmetrical triangle formed when XRP dropped from the $0.06 high in December 2013, and lasted for about four years, as XRP broke out in March 2017.
Meanwhile, the second symmetrical triangle formed when XRP dropped from the $3.8 peak in January 2018, and lasted for seven years, with XRP eventually breaking out in November 2024 amid the massive upsurge triggered by President Donald Trump’s election victory.
Interestingly, this upsurge faced a roadblock at $3.4, leading to the current range-bound phase. While some believe the $3.4 peak marks XRP’s top, Crypto Beast begs to differ. His chart shows that XRP witnessed a similar pattern following the previous triangle breakout in 2017.
Specifically, after XRP broke out from the first symmetrical triangle in March 2017, its uptrend met a roadblock at $0.3988 in May 2017. A six-month consolidation ensued, with XRP recovering in December 2017 to a new peak of $3.8 by January 2018.
Crypto Beast expects a similar pattern to play out. Currently, XRP has consolidated for about five months. He predicts the forthcoming recovery to push prices to a minimum target of $8, with a possible upsurge to around $19, representing a fifth Elliott Wave.
XRP’s Lawsuit Victory Not Yet Fully Priced In
One of the developments boosting Crypto Beast’s optimism is Judge Analisa Torres’ July 2023 declaration that XRP is not a security. Despite XRP’s 90% rally following this ruling, Crypto Beast insists the market has not yet fully priced in this development.
He believes the upcoming second wave of the rally would yield wealth for XRP investors. “XRP holders are about to make a lot of money,” the analyst suggested. According to him, he will inform his audience when the perfect time to take profit on their investments comes.
Interestingly, while Crypto Beast’s projections point to a potential peak of $19, EGRAG, another analyst, sets this as his minimum target for XRP. According to him, XRP could soar to a price between $19 and $45. Also, community commentator Xena suggested that while $8 is an improvement, it’s still below XRP’s upsurge potential.
Currently, XRP trades for $2.2, requiring just a 263% increase to reach the $8 price. Meanwhile, for the $19 price level, XRP would need to rally by a more substantial 763%.
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.
