Historical chart patterns for XRP suggest that a significant price breakout could occur within the next few weeks by December 2024, similar to previous surges in 2017 and 2021.
By Bhushan Akolkar
Edited by Julia Sakovich
Updated
3 mins read
With Ripple gaining an edge in its current battle with the US SEC, market analysts have turned bullish on XRP XRP $2.30 24h volatility: 2.3% Market cap: $134.65 B Vol. 24h: $4.19 B while predicting a breakout similar to the one seen in 2017 and 2021. Discussing the historical XRP performance, crypto market analyst The Block Bull suggested that a massive XRP price breakout could occur in the next few weeks.
The analyst came to this assertion while observing the XRP price action since 2015 over a 1-week timeframe. Also, his chart data reveals a consolidation pattern that has occurred on two separate occasions in the past. The chart highlights some important dates from 2015 illustrating how XRP previously emerged from similar consolidation phases.
Photo: The Block BULL
The major first breakout happened in 2017 when the XRP price skyrocketed following a 36-week consolidation period. Following this consolidation, the XRP trading volume shot all the way to 711.25 million.
Notably, the breakout that followed XRP’s rise from a low of $0.0053 in February 2017 ultimately propelled the altcoin to its all-time high of $3.31 in January 2018, marking the most significant rally in its history.
The above chart also shows a second consolidation phase that occurred in May 2020 and spanned over 36 weeks further. However, due to the SEC lawsuit, the XRP rally continued only till $1 during the 2021 bull run.
The analyst noted that XRP is approaching the conclusion of another consolidation phase, with the analyst highlighting that a potential breakout could occur in just nine weeks, projected for December 2024. If the pattern holds true, XRP may experience a significant price surge akin to previous cycles.
Popular crypto influencer Ben Armstrong, also known as BitBoy, recently predicted that XRP will displace Ethereum ETH $1 803 24h volatility: 1.6% Market cap: $217.62 B Vol. 24h: $15.87 B as the second-largest cryptocurrency by market cap, by 2025.
He said that during the 2017 bull, XRP had already done it in the past and could replicate this performance once again considering that the SEC lawsuit is almost behind us.
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
As per BitBoy, the Ethereum price can rally by 2.5x to 3x in the next bull run. However, he believes that ETH will face significant selling pressure once it reaches the $1 trillion market cap.
On the other hand, he believes that XRP hasn’t participated enough and can easily see a 20x rally in the next bull run. Thus, it would bring the XRP price to $11 with its market cap reaching closer to $700 billion.
BitBoy also believes XRP has the potential to surpass ETH due to Ethereum’s slower start. He is confident that by the time XRP begins to rise, ETH will have already reached its peak and be in decline. Furthermore, he asserts that if XRP can achieve a 25x or 30x increase, it is inevitable that it will overtake Ethereum.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
