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XRP to finally break free, surge 1000%? Analysis says…
XRP is currently in a price consolidation, but the altcoin might be poised to breakout.
Ripple [XRP] has struggled to achieve a substantial rally in recent years.
Although the asset has experienced a modest year-to-date increase of 9.1%, it has also faced a minor setback, declining by 1.7% over the past week.
This downward trend continued into the present day, with a slight drop of 0.3%, bringing its current trading price to $0.52.
This ongoing price fluctuation has kept investors on their toes, as XRP continues to grapple with both market volatility and significant regulatory challenges.
XRP’s long road
In 2017, XRP began what would become a lengthy accumulation phase, initially sparked by a bull run. Many expected this phase to conclude in the subsequent bull market of 2021.
However, the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple in 2020 severely affected XRP’s price trajectory.
In doing so, it diverged its path from other cryptocurrencies, which experienced substantial gains during the same period.
Despite a partial victory in this legal battle in 2023, XRP has not managed to reclaim the $1 mark, continuing its trend within the accumulation range as it enters 2024.
Crypto analyst Babenski has brought renewed hope to XRP with a fresh analysis on TradingView, suggesting that XRP may finally be poised to exit its long-standing accumulation phase.
Babenski’s predictions hinted at a potential breakout that could propel XRP’s price by over 1,000%, potentially establishing new all-time highs around $6.
This optimistic forecast is based on technical patterns observed on the charts, which indicate a possible upward trajectory if key resistance levels are breached.