Crypto Analyst Foresees XRP’s Imminent Breakout, Predicts 1200% Price Surge

For seven long years, the price of XRP, a standout cryptocurrency, has stagnated in an accumulation zone. Investors have been patiently waiting, as the simmering tension of this persistent stagflation has continuously threatened to boil over. This unvarying pattern has been nothing short of exasperating, casting a cloud of worry over the hapless investors. But it seems the period of anxiety is reaching its end. One astute cryptoanalyst prophesies an imminent surge, hinting that the XRP price is on the verge of an explosive breakout of this protracted accumulation zone.

Babenski, a well-known figure in the realm of crypto analysts, has posted a compelling analysis on TradingView. This report serves as a beacon of hope for the scores of XRP investors who have firmly kept their faith, hypothesizing that after this extensive period of accumulation, XRP is gearing up for a breakout. As per Babenski’s prediction, the obscurity might be about to lift from the altcoin as it makes strides to escape this accumulation.

The interminable seven-year accumulation was initiated back in 2017, during a time when the XRP price experienced a significant bull run. As per market expectations, the accumulation should have discontinued in the subsequent bull market in 2021. However, owing to the lawsuit filed against Ripple by the United States Securities and Exchange Commission (SEC) in 2020, the price of XRP took a hit. While other cryptocurrencies surged, XRP stumbled, causing the price to nosedive.

ADVERTISEMENT

Regardless of the roadblocks, the altcoin has held its ground within the accumulation zone refusing to let go of the $1 reward, even following a partial win against the regulator in 2023. Now, as we step into 2024, whispers of a bull run are circulating throughout the market once again. If these whispers turn into roars, it could indeed be XRP’s moment in the sun.

Babenski’s analysis paints a landscape wherein the XRP price delivers an awe-inspiring performance. He forecasts a 1,200% spike, reaching a price point of $6 as the culmination of the anticipated breakout. If these predilections come to be, the XRP price will etch an illustrious record of a fresh all-time high.

Babenski is not alone in his optimistic forecasts. U-Copy, another renowned crypto analyst, backed these speculations. Via a post on X (formerly known as Twitter), U-Copy shared similar sentiments, indicating the imminent breakout of the prolonged XRP accumulation in 2024.

According to U-Copy, XRP is in the twilight of its triangle formation which started in 2027. U-Copy unveiled that the final gap was closed at the $0.46 level and with XRP currently trading over $0.5, the breakout might be right around the corner.

While U-Copy didn’t proffer a specific target price, much like Babenski, he anticipates significant market activity before the end of 2024. Both analysts seem to concur that the stage is set for a breakout, potentially leading to unprecedented gains for XRP in the upcoming bull cycle.