Although the price of XRP has faltered in recent years, a crypto analyst has projected that the digital asset could have significant upside potential.
In an X post on July 11, The Great Mattsby indicated that, based on technical indicators and historical performances, XRP is poised for a possible rally to claim the $250 mark in the next few years.
According to the analysis, XRP is experiencing one of the tightest monthly Bollinger Band squeezes in its history, pointing to bullish sentiments. Notably, the Bollinger Band squeeze, a technical indicator signifying periods of low volatility that often precede significant price movements, further supports the case for a potential breakout.
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Historically, such squeezes in XRP have led to dramatic price increases, adding weight to the prediction of a future surge. The last one resulted in a growth of 60,000%.
“XRP has one of the tightest monthly Bollinger Band squeezes in its history and in all of crypto right now. The last time it squeezed like that it shot up 60,000%,” The analyst stated.
The path to $250
The analyst noted that if the pattern plays out again, a 60,000% growth could propel XRP to a valuation of $250 by 2028.
In the analysis, the expert shared a chart portraying what he termed the green angle, which has historically served as both a significant support and resistance level for XRP around the $0.4 mark. Historically, there have been instances where XRP’s price has interacted with the highlighted green angle, reinforcing its significance as a support and resistance level.
“A $250 $XRP by 2028? So a ±60000% $XRP does line up with the math of that green angle, which was also a very important support and resistance angle in the past (highlighted). Proof that its not impossible,” the expert noted.
Notably, the path to hitting $250 involves several stages of upward movement, indicating that the journey may be with periods of both rapid gains and consolidations. The green angle, in particular, is emphasized as a critical level that could guide XRP’s price toward the $250 target.
Implication of XRP hitting $250
Indeed, if XRP reaches a valuation of $250, it will result in a significant market cap of $14 trillion. To put this into perspective, this figure would make XRP the most valuable asset based on the current valuations in both the crypto and traditional finance spaces, assuming other assets experience minimal growth.
Currently, XRP is trading above $0.44, consolidating within a range that has seen relatively stable movements over the past several months. As the chart suggests, this consolidation phase could be a precursor to a significant breakout.
Although The Great Mattsby’s prediction of XRP reaching $250 by 2028 is undoubtedly ambitious, several fundamentals will likely spur a price breakout. For instance, the resolution of the Ripple and Securities Exchange Commission (SEC) case in favor of the blockchain firm could lead to significant asset price growth.
At the same time, the continued utilization of Ripple’s underlying technology to support cross-border payments could give XRP more utility.
XRP price analysis
As of press time, XRP was trading at $0.461 with daily gains of over 5%. On the weekly chart, the token is up over 11%.
Currently, XRP is showing short-term bullish momentum. The next targets are breaching the $0.50 mark and then aiming for $1. These milestones will be worth monitoring as they will likely open the door to claiming another record high.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
