The cryptocurrency market has been active lately. XRP stands out with its value of $0.56 and is trying to reach the strong resistance of $0.60. Although it has experienced a small decline of -1.70% in the last 24 hours, XRP is still a strong altcoin with a market cap of $30.5 billion. Can XRP, currently valued at $0.5483, give cryptocurrency investors a repeat of the impressive 75,000% increase observed in the past?
XRP price is predicted to reach $353, if so,
According to the news reported by Coinpedia, a crypto analyst’s recent comment on X guess, claims that XRP could reach the $353 level if historical developments are repeated. This analysis is in line with XRP’s past performance, especially considering the period six years ago when XRP experienced a massive 61,000% increase. This bullish view is reported to be in response to the expectation that XRP will break out of its multi-year symmetrical triangle.
#XRP surged by 61,000% back in 2017.
If XRP do the same again we will end up at $353!Lets break out this multi year triangle!🔥🔥🔥 pic.twitter.com/oUcYk7b5JG
NEWS CONTINUES BELOW— Lord XRP (@Bitforcoinz) January 16, 2024
XRP’s historical events include significant symmetrical triangle formations, each marked by significant price increases. The most notable increase occurred in 2018, with XRP rising a whopping 75,000% from its February 2017 value to an all-time high of $3.84. Even data from on-chain sources suggests that XRP experienced even more impressive percentage growth in 2017 and 2018.
XRP has been on an upward trend since the beginning of 2023, reaching a yearly high of $0.95 in July. This rise enabled it to break the long-term horizontal resistance zone that has been in place since September 2022.
As XRP approaches the end of its fourth symmetrical triangle, analysts are predicting various future values, including $5, $10, and $89. Considering the historical increase, it is noted that if such growth is likely to be repeated, it could point to a future valuation of $411, given the current XRP price of $0.5483.
Current Price: Is There a Reversal?
Although the forecasts quoted are bullish, the current analysis predicts a possible downward trend for XRP, it is reported that there is a possibility of breaking the $0.55 support. There is a possibility of a 15% drop to $0.46. While positive change is possible, it is not certain.
Analyst Ben Armstrong states that there may be a price increase for XRP, claiming that a pump will come the following Monday. It’s important to note that these predictions are speculative and given the volatility of the cryptocurrency market, investors should approach them with caution.