XRP price has been a constant worry for investors as the altcoin appears to be frozen in time. The last time the coin rallied was during the 2017-2018 bull market, and despite another large bull market since then, XRP has not been able to keep up with the rest of the market. Although expectations for altcoins have fallen sharply, one analyst believes cryptocurrencies may finally gain traction and reveals a target for when this will happen.
Why XRP Could Be Ready for a Bull Market
Cryptocurrency analyst CryptoManiac101 shared a rather interesting view on the future price of XRP via the TradingView platform. The analyst pointed to several indicators that suggest the altcoin is finally ready to make its move. One of the key points of analysis was the price level and movement to date.
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Crypto analysts point to the convergence of three moving averages in 2024. Eventually, the symmetrical triangle pattern described in the chart is formed. Moreover, the convergence occurring around $0.51 suggests that consolidation is underway. Consolidation now typically comes with accumulation, which is often good value for money, and analysts note growing interest.
The cryptocurrency analyst further points out XRP’s performance over the past 11 years. It starts in 2013 and moves up to the present, showing how XRP’s performance has actually leveled off over this period. “Significant historical price surges are especially noticeable in 2017 and 2018, as we see consistency in movements between the two cycles, which is what we are looking at for 2024 and 2025,” the analyst said.
With an interesting rise, these indicators may point to a significant breakout in price. If this happens, cryptocurrency analysts have outlined their targets for how high the price could rise.
How high can prices go?
One of the key factors in analyst forecasts is the fact that these historical patterns have previously made us optimistic about a comeback for XRP. Analysts note that rallies typically occur when these patterns are 75% complete. However, the pattern has now reached 88.93% completion, suggesting that a breakout in the XRP price is long overdue.
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If an uptrend occurs, cryptocurrency analysts expect the price to rise by at least 800% above $4. This future forecast is based on the likelihood of a breakout of the symmetrical triangle formed from the convergence of three moving averages. In this case, analysts expect a rise to $4.5 as a starting point.