Despite market fluctuations and Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission, XRP seems poised for a significant turnaround. Analysts project a major surge in its price after almost a decade of accumulation.

On Sunday, cryptocurrency analyst ‘U-Copy’ tweeted that XRP is approaching the final stages of forming a triangle pattern. This suggests that the seven-year accumulation phase from 2018 to 2024 is nearing its end. According to U-Copy, this accumulation period will likely unveil XRP’s true potential during the 2024 bull cycle.

Notably, drawing parallels to historical trends, after the completion of the 2013-2017 accumulation phase, XRP witnessed an astronomical surge from around $0.005 to $2.5, representing an increase of nearly 500,000%. U-Copy predicted a similar trajectory this time, emphasizing that the current accumulation period has been longer than the previous one. The analyst further revealed he anticipates a substantial upward movement in XRP’s price until the end of the year.

“7 years long Accumulation from 2018-2024 will start to show real color of XRP in 2024 Bull Cycle. Don’t know target price but Shit could blow up big in this Bull Cycle up to December.” He wrote.

Echoing this sentiment, analyst Armando Pantoja outlined a timeline for XRP’s ascent. In Monday’s tweet, the pundit revealed he anticipates key catalysts such as the initiation of a crypto bull run in September or October 2025, potential regulatory easing in the event of a Trump election victory, an XRP ETF announcement, and multiple interest rate cuts in early 2025 to be the key drivers of XRP.

Pantoja further envisioned XRP’s bull run starting from around $0.75 and progressively climbing to $10 by the fourth quarter of 2025 to the first quarter of 2026, signaling growing confidence in XRP’s future trajectory.

Meanwhile, this optimism is further bolstered by recent reports from crypto analytics firm Santiment, which noted a spike in dormant tokens moving on the XRP Ledger. According to the firm, this movement of old coins may be linked to potential interest in buying the dip from key stakeholders, as prices have been climbing mildly since the May 1 spike occurred. Additionally, Santiment highlighted the increasing open interest in exchanges, which recently reached a three-week high.

According to CoinMarketCap data, XRP was trading at $0.50 at the time of this report, reflecting a 1.41% surge over the past 24 hours.

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Filed under: Bitcoin - @ May 14, 2024 2:27 pm