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Is XRP Set for a 710X Bull Run? Analyst Highlights Bullish Patterns

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Is XRP Set for a 710X Bull Run? Analyst Highlights Bullish Patterns

Analyst Heikin Ashi on TradingView predicts that XRP could be amid an explosive bull rally, potentially surging by 710X to $305. In a recent post on X, Ashi highlighted XRP’s candlestick patterns on the monthly time frame, identifying a bullish signal. He emphasized that current patterns resemble historical trends, suggesting the coming months could be rewarding for XRP holders.

Currently, XRP exhibits discouraging performance, reaching low price points not seen in over a year. Yesterday, XRP bottomed at $0.3911 but slightly recovered, trading at $0.4286 at press time. At this value, XRP has lost over 18.22% in its monthly performance. Despite this, analysts like Ashi believe XRP’s current trajectory mirrors previous periods that were followed by significant price pumps.

Related article: XRP’s Centralization Hurdles Impact ETF Approval Chances

Historical Observations

Ashi’s analysis shows that XRP experienced a protracted downtrend on the monthly time frame between 2014 and 2015. During this period, XRP traded at around $0.003 before soaring by 10X to approximately $0.025 by early 2015. Similarly, between 2016 and 2017, XRP again traded at low values before a brief price rally. This rally culminated in a violent price increase in the last quarter of 2017, pushing XRP to an all-time high of $3.84 by January 2018, a surge of over 75,000%.

After hitting this ATH, XRP entered a downtrend, bottoming at $0.14 in early 2020. The 2021 bull cycle helped XRP recover briefly, reaching $1.96 in April that year. However, the subsequent bear market forced the asset down to around $0.3 in late 2020.

Symmetrical Triangle Patterns

On the monthly time frame, XRP’s candlesticks formed another symmetrical triangle between the 2020 and 2023 bottom prices and the brief 2021 pump. Ashi believes this formation sets the stage for another violent price pump, echoing historical patterns. He predicts the monthly pattern that played out in 2017 will resurface this season. 

Related article: XRP Stabilizes at $0.47: Preparing for a Breakout to $0.50?

By superimposing the 2017 wave on XRP’s current pattern, Ashi suggests XRP could rally to $305 before 2026, marking an astonishing 71,061% growth. Ashi’s chart indicates that the projected price pump will occur in stages. It will start with an initial rally to $1.2 and $2, setting the foundation for a subsequent surge to $6 and $16. 

Ultimately, XRP could reach the $305 price point. This prediction suggests that XRP is poised for significant growth, with historical patterns supporting a potential future surge.

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