Recently, the analyst shared insights on X, highlighting XRP’s struggles amid the overall market consolidation trend. On August 7, XRP experienced a significant 18.54% intraday price increase following the final verdict in the legal battle between Ripple and the SEC.

XRP In Consolidation Mode

This surge pushed XRP above $0.60, but the altcoin faced strong resistance around the $0.64 mark. As a result, XRP corrected and gave back some of its gains. Despite this pullback, traders like MichaelXBT remain bullish on XRP's long-term potential.

MichaelXBT previously noted that XRP is trading within a massive 7-year symmetrical triangle, a pattern that began when XRP fell from its all-time high of $3.31 in January 2018. Several analysts have echoed this observation, confirming the triangle formation.

MichaelXBT predicts XRP will break out of the current pattern this month, despite market pessimism, noting that XRP has reached the apex of the triangle.

Realistic Target Is $2

However, MichaelXBT has consistently argued that XRP’s breakout will not lead to the extreme price surges that some market watchers expect. In response to predictions of a $150 or higher price for XRP, he dismissed such forecasts as unrealistic.

On August 10, he noted that those predicting a 100x increase in XRP would likely be disappointed. Instead, he set a more conservative target of $2 for XRP, a 251% increase from its current price of $0.5687—well below the 11,745% spike recently predicted by analyst Amonyx.

Despite this modest goal, MichaelXBT still expects significant returns on his XRP holdings. He revealed that hitting the $2 mark could net him a $1.5 million profit. If this figure represents his total investment at a $2 XRP price, it would imply that he currently holds around $750,000 in XRP, which is equivalent to around 1.318 million XRP tokens at current prices.