$XRP XRP investors have endured a lengthy period of uncertainty, with the token hovering in a tight accumulation range for the past seven years.

This price pattern developed after a 2017 bull run that failed to produce a decisive breakout, causing investors to worry. However, recent technical analysis suggests XRP's fortunes may be changing, with some analysts predicting significant price gains in the coming months.

Cryptocurrency analyst Babenski boosted XRP investor sentiment by highlighting the possibility of XRP breaking out of its long-term accumulation trend in a new analysis published on TradingView. Their analysis suggests that XRP is currently trying to break through this price barrier, with a higher likelihood of success than previous attempts.

The extended accumulation period began in 2017, when XRP surged significantly in value. Although the community expected a breakout in the ensuing 2021 bull run, the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple in 2020 severely impacted XRP’s price action. This hurts XRP’s adoption by major U.S. institutions and prevents it from reaching all-time highs in 2021.

Although XRP achieved a partial victory against the SEC in 2023, it remained within the established range and failed to break through the $1 mark. With the cryptocurrency market anticipating a bull run in 2024, XRP may finally be poised to break out and usher in a period of significant appreciation.

Expected to grow 12x

Babenski’s analysis outlines what could happen following a breakout of the accumulation zone. His predictions suggest a massive price increase of more than 1,200%, which could push XRP to the $6 price point. The rise would set a new all-time high for the cryptocurrency.

Babenski’s prediction is in line with other cryptocurrency analysts who expect XRP to breakout in 2024. XRP Prominent cryptocurrency analyst Mikybull Crypto (@MikyBullCrypto) recently predicted that XRP would climb to $6, adding credibility to Babenski’s prediction.

XRP is trading at $0.5252, down a modest 0.05% in the past 24 hours. Although its price doesn’t show it, bullish sentiment surrounding XRP is clearly high. Analysts are confident about the impending surge, and the community is eagerly awaiting it.The next few weeks will be interesting as they could be historic moments for XRP