XRP Storms $11 Price? — Analyst Envisions 100x Explosion Based on Historical Cycles ⋆ ZyCrypto
The post XRP Storms $11 Price? — Analyst Envisions 100x Explosion Based on Historical Cycles ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     XRP traded relatively calmly on Friday following a robust surge on Thursday that boosted its price by just over 20%, reaching $0.9. This upswing marks a continuation of the asset’s recent strength, with the seventh-largest cryptocurrency by market capitalization surging around 62% over the past week. XRP’s 24-hour trading volume also saw a dramatic spike, increasing over 102% to $13 billion, as market optimism surged. Meanwhile, despite this recent uptick, XRP remains confined within a multi-year consolidation triangle pattern, as revealed in its technical chart. However, prominent crypto analyst “Egrag Crypto” has published an extensive analysis suggesting this consolidation might be the calm before an unprecedented storm. The analyst’s study in an X post on Monday focused on comparative cycle analysis between two distinct periods, notably Cycle 1 (2013-2018) and Cycle 2 (2023-2030). What makes this analysis particularly intriguing is the price correlation identified between cycles. The analyst pointed to the previous cycle’s breakout point of $0.0093, which eventually led to a high of $0.93 in July 2023, representing a 100X increase. Based on this historical pattern, the analyst suggests a potential price target of $33 by 2030. “Looking at the chart, that breakout aligns with a 100X increase, reaching July 2023’s high of $0.93 – a perfect 100X factor. So, the Next Price Target is $33 by 2030,” Egrag noted. Advertisement   The analyst further compared other major cryptocurrencies’ previous cycle performances, including Ethereum’s 58X multiplier and Bitcoin’s 21X gain. He emphasized that even a more conservative 40X surge from recent cycle lows could take XRP to approximately $11, while a 50X movement could push prices toward $14. That said, analysts have been highlighting several factors that could drive such growth, supporting this bullish outlook. The resolution of regulatory challenges, particularly in the ongoing SEC vs.…
Filed under: News - @ November 16, 2024 1:27 am