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XRP is one of the worst-hit crypto assets in the overall bearish market sentiment, as the token has been on a downtrend for some time now, struggling between the prices of $0.49 and $0.50.
XRP could be ready for a massive surge to $10
Even though the digital asset is now in a bearish phase, a substantial price rise could be in store for the coin. Several crypto analysts have been bullish on the token, predicting a significant bullish move that could take XRP to a new all-time high.
One of the popular cryptography experts who shared an optimistic projection for the asset is Crypto Patel. Patel sharing his latest predictions on the social media platform X (formerly Twitter) with his thousands of followers. The analyst believes that it is finally “XRP’s time to shine” and go parabolic due to past trends.
According to Patel, during the last bull market, the crypto asset “failed” to perform very well alongside other tokens like Bitcoin. He pointed out that even though Bitcoin reached its all-time high during the last bull market, XRP failed to surpass its 2017 high of $3.30. However, he claimed that this was due to the battle legal dispute between Ripple and the United States Securities and Exchange Commission (SEC) regarding the insecure nature of XRP.
So far, Patel believes that with the SEC's recent victory over Ripple, perhaps the “floodgates” could be opened for a breakout. He pointed out that a 2017 triangle breakout, formed before XRP went parabolic, reappears on the annual chart.
Patel claimed that if the coin reflected the 2017 trend, it could be poised for a massive rally. “If the 40,000% pump from 2017 repeats, we could see a mind-blowing XRP over $10,” he said.
Brutal days for bears that last 6 years
Over the past six years, The price of XRP has undoubtedly gathered more positive fundamental qualities after consolidating in a triangular range. “Surviving 2,291 – 6+ years of brutal bear days, this coiling pattern signals that Ripple is ready to erupt,” Patel said.
Due to this, the cryptocurrency analyst predicts that the price of XRP will increase to $0.90. However, this is expected to happen after a successful breakout of the $0.40 to $0.50 price range.
After that, the crypto expert believes that there will be no doubt about the road to a new high and a parabolic rise to $10. He further outlined several price targets for XRP, while placing its accumulation range between “40 and 50 cents.”Patel urged the community to research the digital asset as it could be on the “launching pad” again.
At the time of writing, the XRP price is trading slightly below $0.50, indicating a 2% decline over the past week. Despite the price drop, its trading volume increased by more than 15% over the past day, according to CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
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