Expectations for the XRP price have fluctuated greatly in the last year, mostly due to the uncertainty that continues to cloud the Ripple legal battle with the United States Securities and Exchange Commission (SEC). However, bullishness has prevailed despite the altcoin’s disappointing performance in 2024, with one analyst pretending an end to what has been a drawn-out accumulation trend.
XRP Price To Breakout As Accumulation Trend Ends
Crypto analyst U-Copy took to X (formerly Twitter) to share their prediction for the XRP price. The chart attached with the post puts the altcoin in a 7-year accumulation trend, which is set to end soon and trigger an upward rally for the price.
Related Reading: Important Shiba Inu Event Sparks Excitement Among Community Members – What’s It About?
The crypto analyst pointed out that the cryptocurrency is currently forming a triangle along the accumulation trend, which has happened once before in history. The first time was between 2013 and 2017, when the XRP Price saw a long, drawn-out accumulation. However, at the end of this accumulation was the icing on the cake as the price rallied from around $0.005 to $2.5 in the space of one year. This translated to an almost 500,000% increase in price.
Given how the price reacted when the altcoin completed its accumulation in 2017, the crypto analyst is expecting a similar reaction. This time around, the accumulation began in 2018 and has preserved through to 2024. It is almost twice as long as the last time this trend appeared and this could see a blowout rally at the end.
U-Copy explains that this accumulation trend will end in the year 2024 and the rally could begin from here. This is interesting given that expectations around the Ripple vs. SEC battle ending this year are high and investors expect the price to response positively to this development.
Where Is The Price Headed?
While the crypto analyst didn’t give a price target for where XRP could end up, going by the 2017-2018 rally, the altcoin is expected to reach a new all-time high. This would mean rising to around $3 at least, which would be a 600% rally from its current price of $0.5.
Related Reading: Here’s What Volatility Says About Where Dogecoin Price Is Headed
The crypto analyst did give investors a timeframe to watch out for as the market recovers. From May 15 through to August, which is a three-month timeframe, was marked as important by the analyst, for when this rally could begin. “Don’t know target price but Shit could blow up big in this Bull Cycle up to December,” the crypto analyst stated.
Bulls begin to claim control from bears | Source: XRPUSDT on Tradingview.com
Featured image from CoinMarketCap, chart from Tradingview.com
