A popular cryptocurrency analyst has recently suggested that the price of XRP, the native token of the XRP Ledger, could soon surge exponentially to the point one token would trade at $470, and the cryptocurrency would have a market capitalization of over $25 trillion.
In a post shared on the microblogging platform X (formerly known as Twitter) with their over 140,000 followers, analyst CryptoBull projected that the price of XRP would breakout of its current symmetrical triangle formation on the monthly chart to skyrocket up to $470, which would mean a rise of over 79,000% to a market capitalization of over $25 trillion, up from XRP’s current $0.594 price tag and $31.9 billion market capitalization.
A symmetrical triangle, it’s worth noting, is a common chart pattern that shows the price of a security moving within two narrowing lines that signals the market is indecisive and waiting for a catalyst to trigger a breakout or a breakdown.
Per the analyst, XRP’s price chart first saw this pattern emerge back in 2013 after falling from around $0.061 to $0.0037 by 2014 before recovering. The pattern led to a 600% price surge, while the second time it was formed XRP surged in early 2018 to a new all-time high of $3.3 after a 75,000% rise. A third symmetrical triangle led to a 1,000% rise.
Crypto Bull suggests XRP is now in its fourth symmetrical triangle and anticipates a breakout in the near future, which could see XRP first move to $4.2, before seeing a jump to $7.2 with the potential to reach $470.
While some investors are enthusiastic about these targets, others express skepticism, particularly regarding the $470 target. The sheer scale of this prediction has raised eyebrows, as it would represent a seismic shift in the cryptocurrency market.
As reported, in a recent technical analysis a popular analyst has said that XRP could soon see a “mega pump,” although the analyst said investors should “exercise caution.”
Featured image via Pixabay.
