Following Ripple’s positive ruling against the SEC last week, when Judge Analisa Torres ordered Ripple to pay $125 million in civil penalties, XRP’s price pumped over the $0.6 area. However, in the wake of the most recent market crash, the price dipped below the $0.6 level and is currently trading around $0.57.
Many traders are now wondering where XRP’s price is headed next.
Brett Hill, who frequently posts about XRP price forecasts and has over 50k followers on X, updated his XRP price prediction today. His newest target is now $600, which represents over a 1000x spike from current levels. Hill suggests this could happen if XRP mirrors its 2013-2017 path.
XRP Price Prediction
Hill’s prediction is based on a chart comparing XRP’s price action from 2013-2017 to the current 2018-2024 period. The chart, which shows the XRPUSDT trading pair, spans from 2013 to 2024, so this XRP price forecast is based on the long timeframe analysis.
A striking similarity is observed between the triangle patterns formed in 2013-2017 and 2018-2024. The earlier pattern led to a significant breakout, causing XRP to surge dramatically. The chart marks important Fibonacci levels, including a “Top FIB” at a resistance level reached during a previous bull run, and a “0.5 FIB” level, which typically represents a 50% retracement from a high.
Attention all #XRP holders! The long-awaited breakout from the 2018-2024 triangle pattern is imminent! If this pattern breaks, we could be in for a WILD ride, with the potential to see XRP reach an ASTOUNDING $600! This could be just like the incredible breakout we… pic.twitter.com/JiAeouMvWt
— Brett Hill (@Brett_Crypto_X) August 13, 2024
Hill identifies a “shakeout area” towards the end of both triangle patterns. This term often refers to a temporary price drop designed to “shake out” weak hands before a significant price movement. The bottom trend line of the triangle shows consistent support, where the price bounced off multiple times, while the top trend line represents resistance that the price has not yet broken through.
Hill’s analysis suggests that if XRP breaks above the current resistance line, it could signal the start of a new bullish phase. The $600 target, while extremely ambitious, is based on the assumption that XRP will follow a similar magnitude of breakout as observed in the 2013-2017 period.
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Critical levels to watch include the breakout above the triangle, which could indicate the beginning of a strong upward trend, the 50% Fibonacci retracement level, which often acts as strong resistance or support, and the Top FIB level, which would be the next major target should XRP break the triangle.
It’s important to note that this prediction is highly speculative and optimistic about XRP’s future. The analysis hinges on the assumption that history might repeat itself, and that technical patterns observed in the past could play out similarly in the future. Which is not always the case, of course.
Read also: XRP Price Could Spike to $10,000 Based on These Revelations by Ripple’s Vice President
Meme Coins Outperformed XRP This Year
So, XRP has shown promising signs, however it’s worth noting that meme coins like PEPE, MOG, or WIF have outperformed XRP this year. Traders are always on the lookout for the next meme coin to explode, and this is where PandaWorld has caught our attention.
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The post This Analyst Has A Shocking Ripple (XRP) Price Prediction – Over 1000x Gain Projected appeared first on CaptainAltcoin.
