As an experienced analyst, I have closely followed the XRP market for several years, and I must admit that the recent predictions of a 3000% surge in XRP price have caught my attention. While I remain cautiously optimistic about these predictions, I believe there are some valid reasons why the XRP community is buzzing with excitement.
As a researcher studying the cryptocurrency landscape, I’ve been following the prolonged legal battle between Ripple and the SEC with great interest. However, it’s important to note that the XRP network isn’t just dealing with this regulatory challenge; there are also expectations from its community for price recovery, despite the recent market downturn.
In this blog, let us discuss the reasons leading to this 3000% surge.
Is It The Last Drop Before XRP Price Surge?
The price of XRP experienced a notable increase of 4.29% this week, reaching $0.5247. This uptick helped XRP climb out of its recent slump but did little to move it beyond the average price range it has been trapped in for years.
As a crypto investor, I’ve seen some impressive gains with Ripple’s token back in March. But lately, the market has taken a turn for the worse, and we’re back at square one. However, a reputable crypto analyst has predicted that this could be the final dip before another XRP price surge.
Pseudo-anonymous trader Coinskid foresaw that the XRP price might decline to around $0.40 based on the five-wave pattern, after which it could potentially regain a bullish trend.
Hey #xrp holders could you handle one last nuke?
The 5 wave counter with bullish divergence I would go all in at that point.
Bear hopium?
— CoinsKid (@Coins_Kid) May 16, 2024
Factors Backing XRP Price To 3000% Surge
Based on my own analysis of the XRP/USD market, I’ve noticed a significant bull flag pattern emerging across various timeframes. Using monthly chart settings, Dark Defender’s team and I have identified this pattern, which typically leads to a substantial price surge before entering a period of consolidation. This bullish signal has been consistent in our three-month and six-month analyses as well. Therefore, we anticipate a potential 3000% increase in XRP price once this pattern plays out.
I have read some posts that XRP had a bull flag in the daily time frame, etc.
If those are correction bull flags, this is a bull flag, too. But a bullish one.
It is in the monthly, three-month, and six-month time frames.
If you know a bull flag, you can enjoy your coffee…
— Dark Defender (@DefendDark) May 17, 2024
As a seasoned market analyst, I’ve carefully evaluated the current trend of XRP‘s price movement. Based on my analysis of the flagpole pattern and Fibonacci extension levels, I believe that XRP’s price will first reach a target of $1.88 before experiencing a significant upward momentum. This surge could potentially carry the price up to $5. Furthermore, an extended bullish trend might push the price even higher, reaching a potential peak at $18.23.
Several analysts, including Block Bull, have made comparable forecasts regarding the potential increase in XRP‘s value, with Block Bull projecting a price of $250 by the year 2025. Block arrived at this prediction by examining historical market trends and studying the patterns that followed previous Bitcoin halvings.
Final Thought
The outcome of these predictions hinges on numerous elements. Nevertheless, the cost of XRP continues to ascend, defying the balance between purchasing and selling forces. Should Ripple successfully navigate the ongoing legal disputes, the coin’s market demand could swiftly reverse its year-long losses.
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2024-05-18 20:14