The XRP price has been showing promises of a price spike since Ripple’s victory against the US SEC. Many community members are currently keeping a close eye on the cryptocurrency, and hoping for a significant price increase. One crypto analyst, in particular, has predicted a massive run for the altcoin that could see its price hit triple-digits.
XRP Predicted To Reach $130 In Next Bull Run
Following its partial victory against the United States Securities and Exchange Commission (SEC) in July after Judge Analisa Torres ruled in favor of Ripple labs, XRP, the native token of Ripple, has fluctuated heavily despite the positive sentiment surrounding it. Nevertheless, an analyst sees a potential bull run for the altcoin.
Crypto analyst and XRP influencer, XRP Captain, has predicted a significant price jump for the XRP token on an X (formerly Twitter) post. XRP Captain shared a chart with a symmetrical triangle pattern which he used to predict XRP’s $130 future price movement.
Apparently, XRP has a history of symmetrical triangle patterns. In 2017, the cryptocurrency broke out of a similar symmetrical triangle pattern which pushed the token to new all-time highs. As for when this will happen, the analyst points toward the expected 2024 bull run.
Can You Imagine The Magnitude When This Breakout Happens
?? I Won’t Be Surprised If #XRP Hit 100$ To 130$ In Next Bullrun
. #XRP Consolidation 2014 To 2017 VS 2018 To 2024. Full Throttle #XRPHolders #XRPCommunity pic.twitter.com/gm9hLiqh6M
— XRP CAPTAIN (@UniverseTwenty) September 3, 2023
The analyst is not the only one who has predicted a bull run for the altcoins. Earlier in August, a pseudonymous analyst also predicted a massive rally for XRP that could see the token reaching its previous all-time high of $3.
In this case, the analyst highlighted that the XRP/BTC pair had finally reclaimed the 20-day and 50-day moving averages, and the last time this had happened had also been back in 2017. This led to an over 500% increase in the price of the altcoin at the time.
This is the first time we have seen this for $XRP in 5 years!
$XRP / $BTC on the monthly timeframe has reclaimed the 20 and 50 SMA.
Not only this, but it has also wicked back to the 50 SMA to test it as support (if we continue to hold out the month).
The last time we… pic.twitter.com/d5zjzwcTvm
— Cryptoinsightuk (@Cryptoinsightuk) August 13, 2023
Token continues to fluctuate above $0.5 | Source: XRPUSD on Tradingview.com
Crypto Community Uncertain About Analyst XRP Price Prediction
Following XRP Captain’s prediction of XRP’s possible bull run, other crypto analysts have also shared their thoughts on the sheer incredulity of the prediction.
Another crypto trader and chartist, JD was enthusiastic about the technical patterns XRP price charts were displaying. He explained that the symmetrical triangle was accurately represented. However, he could not see the price of XRP reaching three digits.
“I just can’t see that 3 digit target. $20s are still in the cards though,” he stated.
XRP price has also been notably down. However, XRP Whales are not deterred as these large investors are taking advantage of the market downturns and buying up hundreds of millions worth of tokens.
XRP is currently looking toward a reversal with its price seeing meager gains of 0.02% in the last day. However, it is still struggling on the weekly chart with losses of 2.61%.
Featured image from Zipmex, chart from Tradingview.com