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XRP is one of the most affected crypto assets amid the general bearish sentiment within the market, as the token has been on a downtrend for a while now, struggling between the $0.49 and $0.50 price marks.
XRP Could Be Poised For A Massive Surge To $10
Even though the digital asset is now in a bearish phase, a substantial price rally might be in store for the coin. Several crypto analysts have been bullish on the token, predicting significant upward movement that could take XRP to a new all-time high.
One of the popular crypto experts who has shared an optimistic projection for the asset is Crypto Patel. Patel shared his latest forecast on the social media platform X (formerly Twitter) with his thousands of followers. The analyst believes that this is finally the โtime for XRP to shineโ and go parabolic due to past trends.
According to Patel, during the last bull market, the crypto asset โfailedโ to perform very well alongside other tokens like Bitcoin. He highlighted that while Bitcoin reached its all-time high in the last bull market, XRP failed to surpass its 2017 peak of $3.30.ย However, he asserted that this was because of the legal battle between Ripple and the US Securities and Exchange Commission (SEC) regarding XRPโs non-security nature.
So far, Patel believes that with the recent SEC victory over Ripple, perhaps the โfloodgatesโ might be open for a breakout. He pointed out that a 2017 triangle breakdown, which formed before XRP went parabolic, is reappearing on the yearly chart.
Patel has asserted that if the coin mirrors the trend in 2017, it could be poised for a massive rally. โIf 2017โs 40,000% pump repeats, we could see mind-blowing $10+ XRP,โ he stated.
A 6-Year Long Brutal Bear Days
Over the past six years, XRPโs price has unquestionably gathered more positive fundamental qualities after consolidating in a triangle range. โSurvived 2,291 โ 6+ Years brutal bear days, this coiling pattern signals Rippleโs ready to erupt,โ Patel stated.
Due to this, the cryptocurrency analyst anticipates that the price of XRP will rise to $0.90. However, this is expected to occur following a successful breakout from the $0.40 and $0.50 price range.
After that, the crypto expert believes there will be no doubt as to the route to a new peak and a parabolic rise to $10. He further underscored several price targets for XRP, while putting his accumulation range between โ40 and 50 cents.โnPatel has urged the community to look out for the digital asset, as it might be on the โlaunching pad again.โ
As of the time of writing, XRPโs price is trading slightly below $0.50, indicating a 2% decrease in the past week. Despite the price decline, its trading volume has increased by over 15% in the past day, according to CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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