The XRP price is now in a seven-year accumulation zone and the inability to break out of this zone is a constant concern for investors. However, it seems that the days of worry will soon be forgotten as one crypto analyst believes that the XRP price is about to break out of this accumulation zone.
XRP price to break out and complete 1,200% rally
In an analysis Posted On TradingView, crypto analyst Babenski has renewed XRP investors’ hopes in the coin, predicting that it is on the verge of breaking the long-term accumulation trend. According to the analyst, the altcoin is currently trying to break out of this accumulation, and could be successful this time.
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The seven-year accumulation began in 2017, when the XRP price had undergone a remarkable bull run. Naturally, this accumulation was expected to break through in the next bull market, which would take place in 2021. However, as the US Securities and Exchange Commission (SEC) sued Ripple in 2020, this put a damper on the price, causing the XRP price to drop. crashed while others rallied.
Since then, the altcoin has maintained its position within the accumulation range, failing to break above $1 even after achieving a partial victory over the regulator in 2023. This accumulation has now continued into 2024, but with an expected bull run this year, this could happen. It’s time for XRP to shine.
Babenski’s chart shows what could happen if the XRP price were to break out of this accumulation. The crypto analyst sees a significant increase in the price, rising by more than 1,200% to reach $6. If this happens, the XRP price would reach a brand new all-time high.
Other analysts see the same trend
Babenski is not the only crypto analyst who has predicted that the XRP price could break out of its seven-year accumulation in 2024. Crypto analyst U-Copy has too pointed this outto X (formerly Twitter) to share the analysis.
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According to him, the .5 stood. , an outbreak would be imminent.
Unlike Babenski, crypto analyst U-Copy did not provide a price target for where they expect the XRP price to end up. However, the analyst believes that something will happen by December 2024. “I don’t know the target price, but shit could blow up in this bull cycle through December,” U-Copy said.
Featured image created with Dall.E, chart from Tradingview.com