The renowned crypto analyst, The Block Bull, from the United Kingdom, has identified a potential trend for XRP that could result in a price surge to $246. This pattern has historically occurred after the last two Bitcoin halving events.
In a recent analysis, the analyst highlighted this pattern, referring to data from a weekly chart. The chart shows that from 2015 to March 2017, XRP traded within a symmetrical triangle. Interestingly, this consolidation period coincided with the second Bitcoin halving in July 2016.
Approximately 252 days after the Bitcoin halving, XRP experienced a breakout, reaching the peak of the symmetrical triangle in March 2017. This breakout led to a sustained uptrend in XRP’s price, ultimately reaching an interim peak of $0.4345 in May 2017.
Significantly, this interim peak occurred 336 days after the Bitcoin halving and 84 days after XRP broke above the symmetrical triangle. Following this peak, XRP continued to rise in price, eventually reaching an all-time high of $3.3 in January 2018, 539 days after the Bitcoin halving, marking the end of the cycle.
This pattern repeated itself from 2020 to 2021. According to the chart, 252 days after the third Bitcoin halving in May 2020, XRP witnessed a price breakout, recovering from a low of $0.2444 in January 2021. This breakout led to a sustained uptrend, resulting in a high of $1.96 in April 2021, 84 days after the breakout. The cycle ended in November 2021, with XRP unable to surpass its all-time high in January 2018.
Despite this, The Block Bull believes that XRP can surpass its previous all-time high this time around, as the analyst expects a repetition of the pattern in this cycle. It’s worth noting that the fourth and most recent Bitcoin halving occurred last month. The analyst anticipates that XRP will experience the much-awaited breakout 252 days later, which would be in December.
Furthermore, The Block Bull predicts that XRP will reach the interim peak for this cycle 336 days after the Bitcoin halving, which would put the timeline in March next year. Interestingly, the analyst sees XRP reaching a peak of $246 during this cycle, representing a substantial 47,017% price increase from its current value of $0.52.
While this price target may seem ambitious, other analysts have also projected similar targets in the past. For instance, last July, crypto analyst EGRAG predicted that XRP could reach $1.4, $3.7, or even $200, depending on its trajectory during the bull run. Pundit Javon Marks also recently asserted that XRP could reach $200, citing the appearance of its “largest coil pattern ever.”
Additionally, several market watchers have set multiple price targets for XRP after the latest Bitcoin halving. Analyst Leb believes XRP could break above its all-time high of $3.8, while CrediBULL expects XRP to rally 100% against Bitcoin following the halving. As of now, XRP is trading at $0.5221, showing a 3.46% increase this month.
Please note that this article is for informational purposes only and should not be considered financial advice. The views expressed in this article are solely the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.