XRP Price Potentially Bullish by 1200%, Here's Why!

Maswanda.site - The price of XRP has been stuck in an accumulation zone for 7 years, causing investor concern. However, optimism is starting to grow as a crypto analyst predicts that XRP is on the verge of breaking out of this prolonged phase.

XRP Price Set to Surge with a Potential 1,200 Percent Increase

NewsBTC reported that in a recent analysis posted on TradingView, crypto analyst Babenski provided a glimmer of hope for XRP investors. According to Babenski, XRP is currently attempting to break out of its long-term accumulation trend and might succeed this time.

This 7-year accumulation period started in 2017 after a significant bullish surge and was expected to end in the next bull market in 2021. However, the U.S. Securities and Exchange Commission's (SEC) lawsuit against Ripple in 2020 worsened the price, causing XRP to fall while other cryptos surged.

Since then, XRP has remained within the accumulation range, failing to break above $1 even after a partial victory over the SEC in 2023. This accumulation now extends into 2024, but with an anticipated bull run this year, it could be XRP's time to shine.

Babenski's chart shows that if XRP manages to break out of this accumulation zone, the price could surge significantly, potentially rising over 1,200 percent to reach $6. If this happens, XRP will set a new all-time high.

Support from Other Analysts

Babenski is not the only crypto analyst seeing a potential breakout for XRP in 2024. Another crypto analyst, U-Copy, also highlights this possibility. Sharing his analysis on X, U-Copy noted that XRP is nearing the end of its triangle formation, which started in 2017.

He noted that the final gap was filled at the $0.46 level, and with the price trading above $0.5 at the time of writing, a breakout could happen soon.

Unlike Babenski, U-Copy does not provide a specific price target for XRP. However, he believes that a significant move could happen by December 2024.

"I don't know the target price, but it could explode big in the Bull Cycle until December," said U-Copy, indicating his strong belief in a major price movement this year.

Investor Sentiment and Market Conditions

The potential breakout of XRP from the 7-year accumulation zone has garnered significant attention in the crypto community. Many investors hope this could mark a new chapter for XRP, especially with overall market conditions showing signs of a bullish trend.

The anticipation of a bull run in 2024, coupled with recent positive developments in XRP's legal battle, has created a fertile environment for a potential XRP price surge.

Author and Publisher: Riswanda Nurrohman
Source: Blockchainmedia.com