The current XRP price action is showing signs of positive momentum amidst Bitcoin’s push to $60,000. According to a crypto analyst, XRP is gearing up for a massive 34,000% surge that would put its price at $200.
From this analyst’s technical perspective, recent price action has seen XRP breaking out of an upper trendline, making it ready for massive gains.
Analyst Predicts XRP Price Surge Of 34,000%
XRP has had some major price swings in the past and according to crypto analyst Javon, something similar is about to occur. In an XRP price chart shared on social media by the analyst, the current price movement indicates that XRP surging to $200 is very possible. Although the analyst didn’t give a timeframe of when this would happen, XRP’s journey to the $200 level would mean a surge of over 34,000% from the current price level.
A $200+ $XRP (Ripple) can be possible.
Another set of Higher Lows are holding and another breakout has taken place, meaning that a massive upside move to new All Time Highs can be commencing soon… pic.twitter.com/zIpADFClOD
— JAVON⚡️MARKS (@JavonTM1) February 25, 2024
Javon’s prediction is based on XRP’s past actions. According to the price chart, XRP’s recent price action mirrors that of the 2018 phase which saw the cryptocurrency reaching its current all-time high of $3.84. Prior to this surge, XRP formed three lower highs on a multi-year level between 2014 and 2017 before finally going on a sustained breakout in 2018.
Now, Javon pointed out that another set of higher lows starting from 2018 are holding and a breakout has now been confirmed. If history were to repeat itself, a surge of the same magnitude to new all-time highs could be commencing soon.
Can XRP Realistically Surge To $200 Very Soon?
Javon’s analysis and prediction is one of many bullish predictions surrounding the XRP price from other crypto analysts. As expected, the ultra-bullish price target seems unreasonable for some investors, as a $200 price level would mean XRP’s market cap surging from $31.9 billion to $200 trillion.
For comparison, the total crypto market cap currently stands at $2.18 trillion, with Bitcoin responsible for a 52.4% stake. Before XRP can reach $200, the entire crypto market cap would have to grow to rival that of the foreign exchange market. Another possible catalyst to reach this price level would be token burns to reduce the total supply of XRP.
While a rally of that magnitude seems unlikely, XRP has a history of explosive price gains during crypto bull markets. Notably, Javon’s prediction resonates with other bullish predictions from market players.
According to Oliver Michel, founder and CEO of German-based venture capitalist firm Tokentus Investment AG, XRP’s price could surge to three or four digits very soon. Similarly, analysts at crypto exchange Changelly have predicted XRP trading at an average value of $563.32 by 2050.
At the time of writing, XRP is trading at $0.5844, up by 4.81% in the past 24 hours. The first step towards a sustained bull run would be XRP establishing a strong footing above $1.
XRP price drops to $0.58 | Source: XRPUSD on Tradingview.com