A crypto analyst recently made an astonishingly bullish price prediction for XRP, the native token of the XRP Ledger, suggesting it could increase by around 58,000% to trade at $250, implying Italy market capitalization is $14 trillion for cryptocurrencies.

The analyst, known as The Great Matsby, made the bold prediction on microblogging platform X (formerly known as Twitter), with the prediction based on a technical pattern known as a short squeeze. Bollinger Band tightness.

The analyst pointed out that XRP is currently experiencing one of the tightest monthly Bollinger band squeezes in its history, which has often preceded significant price movements in the past.

Notably, the last time XRP experienced a similar short squeeze, it resulted in a notable 60,000% price increase as it rose from around $0.006 to an all-time high near the $4 mark before correcting . XRP is currently trading at $0.44 and a similar move would now take it above the $250 mark.

$250 $XRP by 2028??So ±60000% $XRP fits into the math of that blue corner, which has also been a very important support and resistance angle in the past (highlighted).

Such price volatility would see XRP's total market capitalization skyrocket to a whopping $14 trillion, far exceeding the crypto space's current market capitalization of 2.1 trillion USD. This increase would put XRP's market capitalization far ahead of the world's largest company Apple, which has a market capitalization of $3.5 trillion.

According to CompaniesMarketCap, it will be second only to gold, with the precious metal now having a total market capitalization of more than $16.1 trillion. Notably, another analyst recently pointed out the possibility of a possible decline in XRP price.

The analyst warns that XRP could collapse in the next few months to a potential low of $0.07, using Elliot Wave Theory to predict the crash.