Coinspeaker
XRP Price Set for Bullish Breakout Similar to 2017 and 2021
As Ripple gains momentum in its ongoing struggle with the US SEC, market analysts have adopted a bullish outlook on XRP
XRP
$0.53
24h volatility:
1.0%
Market cap:
$29.85 B
Vol. 24h:
$1.00 B
while speculating a breakout akin to those witnessed in 2017 and 2021. Crypto market analyst from The Block Bull noted that a substantial price breakout for XRP might happen in the upcoming weeks.
The analyst reached this conclusion by examining XRP’s price movements since 2015 over a week-long span. His chart data indicates a consolidation pattern that has materialized on two previous occasions. Notably, the chart details significant dates from 2015 that showcase how XRP previously moved out of similar consolidation stages.
Photo: The Block BULL
The first significant breakout occurred in 2017 when XRP’s price surged after a 36-week consolidation phase. Following this period, XRP’s trading volume escalated to 711.25 million.
Notably, the breakout that followed XRP’s rise from a low of $0.0053 in February 2017 eventually drove the altcoin to its all-time high of $3.31 in January 2018, marking the most considerable rally in its history.
The chart also reflects a second consolidation phase that took place in May 2020, which lasted for another 36 weeks. However, due to the SEC lawsuit, the XRP rally only reached $1 during the bull market of 2021.
The analyst observed that XRP is nearing the end of another consolidation period, projecting that a breakout could occur in approximately nine weeks, expected in December 2024. If this pattern holds, XRP may see a significant price increase similar to previous cycles.
XRP Poised to Surpass Ethereum, According to BitBoy
Well-known crypto influencer Ben Armstrong, also called BitBoy, recently predicted that XRP will surpass Ethereum
ETH
$2 550
24h volatility:
0.7%
Market cap:
$308.25 B
Vol. 24h:
$17.58 B
to become the second-largest cryptocurrency by market cap by the year 2025.
During the 2017 bull run, XRP already demonstrated this achievement and could repeat its past performance, especially with the SEC lawsuit nearing resolution.
We've heard it for years: which Layer-1 will flip Ethereum? In 2025, it won't be Solana—it’ll be $XRP sitting at the number 2 spot. Watch the markets. The flip is coming.
— The BitBoy (@BenArmstrongsX) October 21, 2024
According to BitBoy, Ethereum’s price could increase by 2.5x to 3x in the next market upswing. However, he anticipates that ETH will encounter substantial selling pressure upon reaching a $1 trillion market cap.
Conversely, he believes XRP has remained underrepresented in the markets and could see a 20x increase in the next bull cycle, potentially pushing the XRP price to $11 with its market cap approaching $700 billion.
BitBoy also contends that XRP has the potential to outpace ETH due to Ethereum’s slower onset. He is confident that as XRP begins to rise, ETH will likely have already hit its peak and be on the downswing. Additionally, he firmly believes that if XRP can achieve a 25x or 30x increase, it is inevitable that it will surpass Ethereum.
XRP Price Set for Bullish Breakout Similar to 2017 and 2021
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