A widely followed crypto trader believes that XRP could easily soar to a new all-time high, providing historical context for this projected run.
Specifically, Don shared this perspective in an X post, suggesting that XRP would defy current bearish trends. Although XRP has shown strength by holding above the $2 support, it has retraced by 7% and 20% in the past seven and 30 days, respectively.
Accumulation Before Breakout
Supporting Don’s claim of an imminent rally to new all-time highs is a bullish formation on the XRP/USD daily chart. The shared chart shows an accumulation within a descending channel, a price action with historically bullish consequences for the token.
XRP entered this channel after its yearly high of $3.67 in July and has since made lower highs and lower lows. Despite multiple periods of fake breakouts, like the $2.72 low in August and the October 10 short-lived crash to $0.77 on Binance, XRP has held above the wedge’s lower support.
Meanwhile, after a rejection at the channel’s mid-range at $2.27 a few days back, XRP seems headed to retest the lower support boundary again. However, Don views this as part of a broader bullish picture. This is because this trend has happened before and preceded a strong rally for the fourth-largest cryptocurrency by market cap.
History Provides Bullish Context for an XRP Rally
For perspective, XRP traded in a similar channel from January to early July before a push to the yearly high. After peaking at $3.40 in January, following an over 400% soar in November and a milder 6% growth in December, the cryptocurrency entered a correctional phase.
XRP trended within the descending channel in a manner similar to its current trend before finally breaking out in early July. After closing near the resistance neckline on July 8, a 4% rally the next day saw it break out of the structure, with the six-month suppressed momentum pushing XRP from $2.31 to $3.67 in a matter of days.
Don is predicting similar price action to a new ATH of $4 when XRP breaks the current channel, calling it an “easy” target. From the current market price of $2.01, this represents a 99% growth.
Meanwhile, XRP to $4 is one of the easiest targets that analysts have predicted. Market veteran CasiTrades shares a similar projection, stating that when XRP’s consolidation period ends, it will rally to $4.5. However, Egrag Crypto expects more, noting that XRP won’t stop at $4 but will extend its uptick to $27 per coin.