As the price of XRP recovers from recent lows, one analyst points out a hidden bullish divergence that could lead to massive gains for the crypto, with a 650x increase in view.
After a period of bearishness, XRP has gained 7% in the past seven days and appears to be finally in the groove with the broader cryptocurrency market.
However, widely followed crypto analyst JayDee foresees a time in the imminent future when XRP outpaces other crypto assets and potentially sees a 650x increase.
#XRP – Remove all the "wicks/noise" & focus on the Line chart
Present day resembles 2017 before the 650x!
1. Both w/in a symmetrical pattern
2. Both w/Hidden Bullish Divergence
3. "Dumb Money" capitulated in 2017 before 📈🚀😂🤣RT/Like for UPDATES!https://t.co/oe9M18jyuu
— JD 🇵🇭 (@jaydee_757) February 14, 2024
The analyst noted in a recent TradingView analysis that there is currently a hidden bullish divergence on XRP that mirrors a similar historical pattern in 2017.
At the time, XRP lagged in gains compared to the rest of the crypto market. Nonetheless, the asset eventually gained momentum and delivered a stunning gain within the space of a few months.
It is noteworthy that XRP’s current technical setup closely resembles that of 2017, including the bullish divergence and price action within a symmetric triangle. As a result, if history repeats, a parabolic run could follow.
A projected 650x increase from its current value could see the price of XRP go as high as $357.24 per coin. The cryptocurrency is trading at around $0.55, representing a 5% increase in the past 24 hours.
Could XRP Soar That High?
As many experienced investors may readily point out, a 650 times increase in the current XRP price appears more probable than realistic, especially in the short term.
For instance, a $357 price per coin would put the asset at a market cap of 1.94 trillion, which is the current value of the entire crypto market. This figure is given XRP’s current circulating supply of 54.5 billion coins.
A common takeaway from the recent analysis is that there is significant room for growth in the price of XRP in the coming years. However, the extent of such growth cannot be exactly measured, even though history suggests that it could be sizable.