Key Takeaways:
- XRP projected to reach $13 within weeks and $20 this bull cycle.
- Historical patterns suggest a 6,000% gain based on Elliot Impulse Waves.
- Market cap analysis points to a potential $500 billion valuation.
XRP is once again at the center of investor discussions as bold price predictions dominate social media. CryptoBull, a prominent figure in the crypto community, forecasts that XRP will surge to $13 in the coming weeks and potentially cross $20 during the ongoing bull cycle.
Drawing comparisons from the historical 2017 rally that took XRP from $0.002 to $3.84 – a staggering 70,000% increase in its price, CryptoBull sees the same dynamics taking place during this cycle. According to him, this will extend into five Elliot Impulse Waves that will drive the price from $0.50 up to $26 this time around, therefore yielding a striking 6,000% return.
Further to support this belief, CryptoBull identified that XRP traditionally had traded off Bitcoin’s market cap. The two had attained their peak between 2017/2018 with the cryptocurrency commanding half the market capitalization of Bitcoin before achieving its price high. By replaying its price action on such a similar valuation ratio against BTC, in theory, CryptoBull indicated the price action should see XRP near $15 within the foreseeable future.
Market Patterns and Technical Indicators Align
Adding more weight to the bullish sentiment, veteran trader Peter Brandt chimed in on XRP’s technical structure. He pointed out that the ‘half-mast flag’ pattern needs to be completed within six weeks to confirm the bullish momentum. Brandt believes the cryptocurrency could achieve a market capitalization of $500 billion if successful.
In a parallel thought, trader of technical charts EGRAG CRYPTO posted the ‘Unicorn Chart’, which had gave indications of an ascending triangle breakout and would act like the needed kick to get the cryptocurrency into a rally. In response, he assumed that the cryptocurrency will go forward to hit up $3.7-$4.2 before making oversteps with its target and finally will rise 10-15% more of the chart value, that he guesses are in $14-$15 area.
XRP Path to $13 and Beyond
Of course, it is not all smooth sailing up the road to XRP’s much-expected price explosion. This could technically be interpreted to mean a 60-70% chance of upside breakout versus 30-40% for a downside move. Investors are encouraged to plan when to take their profits, and one of the efficient ways of doing this is Dollar Cost Averaging.
With XRP continuing to flash bullish signs in a variety of technical frameworks, many market participants are remaining cautiously optimistic. If those predictions come to life, XRP could be in for another historic rally that cements the digital asset’s place among the top.
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