Pseudonymous crypto analyst CryptoBull has taken to X (formerly Twitter) to paint a rather bullish picture of the future of the XRP price. The crypto analyst sees a massive breakout that would push the altcoin’s price above its previous all-time high, and potentially put it as high as $470.
XRP Price Breakout And The Three Targets
In the analysis posted on X, CryptoBull outlined the reason why they are so bullish on the XRP price. The analyst uses triangle patterns to map out what looks to be the top and then the coinciding bottom, before an incredible run in price occurs.
The chart shared in the analysis identifies three triangles that have been completed over the lifespan of the token and their resulting bull rallies. Each one saw an at least 600% rise, with the highest sitting above 75,000%. However, the most important one is the fourth which looks to be nearing its completion.
Using the previous performances at the end of each triangle, the analyst put forth three major price targets that could play out once this triangle formation is completed. The first of these price targets sits at $4.20 which would coincide with a 600% rally. Moving on, the second target is placed at $7.20. Such a move would mean a 1,000% increase, which is the same rally that was seen when the last triangle was completed.
The last of the price targets using the 75,000% rally that occurred the second time that the triangle formation was completed is $470. The analyst closed out by saying “XRP had a major breakout at the end of every triangle and we are about to finish the fourth triangle. Do you believe?”
XRP recovers above $0.61 | Source: XRPUSD on Tradingview.com
High Expectations For XRP
CryptoBull’s expectations are closely similar to that of Wells Fargo Manager Shannon Thorp who put the XRP price
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Author: Best Owie
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