A leading analyst has issued a countdown for XRP to experience a historic breakout, targeting a potentially massive rally to $7.50.
XRP has recently faced challenges keeping up with the broad crypto market recovery, trailing behind Bitcoin and other altcoins seeing upward momentum. Despite the market-wide surge energizing traders and investors, XRP’s price has remained subdued, leading analysts to predict potential turning points.
Countdown to XRP Breakout
Crypto analyst Egrag Crypto shared insights on X regarding XRP’s potential breakout, which he believes could be imminent. His analysis is rooted in the formation of a symmetrical triangle pattern.
The chart illustrates the price narrowing within the triangle as it approaches a convergence point. According to Egrag, the target breakout price is expected to be reached within the next two days, though patience remains crucial for traders.
The chart identifies key price targets. The initial breakout level is set at $0.5930, significantly higher than XRP’s current trading price of $0.5183.
Beyond this, a major resistance level at $1.5000 marks the next milestone, suggesting substantial upward potential if XRP can break through the $0.5930 threshold. The analysis also highlights a critical upper target of $7.5000, indicating an increase of approximately 1,347%.
XRP Potential Tied to Bitcoin?
Separately, analyst Cryptobilbuwoo outlined a forecast linking XRP’s future trends to Bitcoin halving cycles. Historical data suggests that XRP’s price movements closely follow Bitcoin’s halving events and their impact on Bitcoin dominance (BTC.D). The forecast indicates that XRP could reach a new high of $26 based on recurring patterns identified in previous cycles.
The chart used in this analysis shows that XRP typically experiences a consolidation phase before bottoming out around the 31-week mark after each Bitcoin halving. For context, the July 2016 Bitcoin halving led to XRP peaking at $3.31 in January 2018, and the May 2020 halving saw XRP reach $1.96 by April 2021. This pattern appears to be forming again following the April 2024 Bitcoin halving, suggesting a potential major uptrend by mid-November.
Growing Interest in XRP ETFs
As analysts dissect price potential, the crypto market has seen growing interest in exchange-traded funds (ETFs) related to XRP. Nate Geraci, co-founder of The ETF Institute, recently noted that the U.S. SEC has now “formally acknowledged” Grayscale’s application to transition the Grayscale Digital Large Cap Fund (GDLC), which includes XRP exposure, into an exchange-traded fund (ETF).
Additionally, earlier this month, filings for XRP ETFs were submitted by Bitwise and Canary Capital. Ripple’s CEO, Brad Garlinghouse, has frequently expressed his belief that the introduction of an XRP ETF is simply a matter of time and is “inevitable.”
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
