XRP price has been in an accumulation zone for seven years now, and its inability to break out of this zone has been a constant worry for investors. However, the days of worry appear to soon be forgotten as one cryptocurrency analyst believes that the XRP price will soon break out of this accumulation zone.
XRP price breaks through and completes a 1,200% rally.
In an analysis published on TradingView, cryptocurrency analyst Babenski reiterated XRP investors’ hopes for the coin, predicting that the coin will soon break out of its long-standing accumulation trend. According to analysts, altcoins are currently trying to break away from this accumulation and may succeed this time.
Related Reading
The seven-year build-up began in 2017, when the price of XRP experienced a notable upward trend. Naturally, this build-up was expected to be broken in the next bull market in 2021. However, in 2020, the US Securities and Exchange Commission (SEC) sued Ripple, which caused the price to fall, causing the price of XRP to fall. Clashes occur while others rally.
Since then, the altcoin has maintained its position within its cumulative range, failing to surpass $1 even after a partial victory over regulators in 2023. This accumulation has now continued into 2024, but with an uptick expected this year, it is XRP’s time to shine.
Babenski’s chart shows what could happen if XRP price breaks out of this accumulation. Crypto analysts see the price rising significantly, rising more than 1,200% to reach $6. If this happens, the price of XRP will secure a new all-time high.
Other analysts see the same trend
Babenski is not the only cryptocurrency analyst to predict that the price of XRP could break its seven-year record in 2024. Cryptocurrency analyst U-Copy also pointed this out, sharing his analysis via XRP (formerly Twitter). .
Related Reading
According to him, the XRP price is already close to the end of the triangle formation that started in 2027. He revealed that the final gap was actually closed at the $0.46 level and that the price was trading above $0.50 at the time of this writing. , a breakout could be imminent.
Unlike Babenski, cryptocurrency analyst U-Copy did not provide a price target for where he expects XRP price to end. However, analysts believe something will happen by December 2024. “We don’t know the target price, but we could see a significant uptick in this Bull Cycle by December,” U-Copy said.
Featured image created with Dall.E, chart from Tradingview.com