One cryptocurrency analyst has predicted a major bullish rally for the price of XRP, the native token of XRP XRP Ledger (XRPL). Use Trend linesa technical analysis tool used to determine the direction in which the price of a cryptocurrency is moving, the analyst predicted a breakout of up to $250.
The analyst predicts that XRP is about to go parabolic
The cryptocurrency analyst has been identified as “The Block Bull” on X (formerly Twitter). subscriber Chart of XRP price movement during this market cycle. The analyst has identified critical junctures for XRP, including… Expected breakout pointsTemporary peaks and transition to a bear market as the market cycle completes.
He has it Expected XRP could rise to $250 during this bull cycle, potentially seeing a 46,900% rise by the end of the year, with momentum continuing into 2025.
Share the graph that depicts XRP price movements From 2015 to 2024, the cryptocurrency analyst noted several supercycles that XRP experienced. He revealed that XRP had a breakout in 2018, which occurred 36 weeks after Bitcoin's halving and ended 77 weeks later.
During the second Bitcoin halving in 2021, a cryptocurrency analyst revealed that XRP also underwent another breakout within 36 weeks, reaching a temporary peak 48 weeks after the Bitcoin halving. Based on this time analysis of the XRP price, the cryptocurrency expert expects a corresponding rise in the price of XRP in the current market cycle, which could lead to a breakout 36 weeks after the breakout. The Bitcoin halving occurred on April 20, 2024.
Block Bull predicts the possibility of XRP experiencing a breakout similar to previous cycles, with a possible temporary peak 48 weeks after the Bitcoin halving, specifically on March 24, 2025. Additionally, it suggests that XRP could move into a bear market phase by October. 2025, most likely during the first or second week of the month.
XRP price update
Currently, 20 days after the 2024 Bitcoin halving event, XRP price It is trading at $0.51, representing a monthly price decline of 15.90%, according to CoinMarketCap. The cryptocurrency failed to see a significant rally, though Market overperformance in the beginning of the year.
While The Block Bull maintained an optimistic outlook for XRP price path In the 2024 Taurus cycle, many members of society hold varying views. Cryptocurrency Member Who Criticized Analyst's Ambitious Price Target, Argues A more conservative rise to $1 for XRP makes more sense than a big rise to $250 by the end of the year.
Others did so explicitly It was rejected Expect price $250, with highlights The prevailing pessimism Within the broader cryptocurrency community regarding XRP price fundamentals. since Legal conflict Between Ripple and the US Securities and Exchange Commission (SEC), The price of XRP has fallen Noticeably, it is struggling to regain its previous momentum.
Cryptocurrency has also been consolidated around Price point $0.5 For months, disappointing Most XRP investors and holders are hoping for a potential price rise to all-time highs.
XRP price trending at $0.51 | Source: XRPUSDT on Tradingview.com
Featured image from NewsBTC, chart from Tradingview.com
