Bitrabo Editorial
Market sentiment for XRP’s price has been volatile recently due to uncertainties surrounding Ripple’s legal dispute with the SEC. Nonetheless, optimism persists despite the altcoin’s lackluster performance in 2024, as an analyst anticipates the conclusion of a protracted accumulation phase.
Anticipated Breakout as XRP’s Accumulation Trend Wraps Up
In a recent tweet, crypto analyst U-Copy presented their forecast for XRP’s price. The attached chart illustrates a 7-year accumulation pattern for the altcoin nearing its end, signaling a potential uptrend in prices.
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The analyst highlighted the formation of a triangular pattern within the ongoing accumulation trend, reminiscent of a similar occurrence from 2013 to 2017. Back then, XRP witnessed an extensive accumulation phase followed by a remarkable price surge from $0.005 to $2.5 within a year, marking a staggering 500,000% price increase.
Comparing the current accumulation period that started in 2018 to its predecessor, which was nearly half the duration, raises expectations for a significant price surge at the conclusion of this trend.
U-Copy predicts the termination of this accumulation phase in 2024, possibly triggering a price rally. With the anticipation of the Ripple vs. SEC battle resolution this year, investors foresee a positive price response.
Path Ahead for XRP Price
Although no specific price target was provided by the analyst, historical trends suggest XRP could achieve a new all-time high. A projected value of $3 or higher represents a potential 600% surge from its current value of $0.5.
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Investors are advised to observe the market between May and August, a crucial period for a potential rally as the market recovers. The analyst stated, “Don’t know target price but Shit could blow up big in this Bull Cycle up to December.”