Brett (@Brett_Crypto_X), a prominent crypto analyst on X, recently predicted an extraordinary rally for XRP.
Referencing insights from a CNBC Fast Money analysis by Brian Kelly, Brett suggested that XRP’s prolonged consolidation over recent years has created the foundation for a significant price surge.
He boldly forecasted a potential price of over $100 for XRP, fueled by a parabolic rally similar to its historic performance in 2017.
The Bigger the Base, the Higher in Space
XRP Isn’t Just Another Crypto Pump—It’s Set for a 2017-Style Parabolic Rally!#XRP Could Easily Skyrocket Over $100 in a Day, Eyeing a 30,000%
$XRP
pic.twitter.com/vfVveTRV5V
— Brett (@Brett_Crypto_X) November 30, 2024
Long-Term Consolidation as a Bullish Indicator
Brett shared a video where Kelly referenced a technical principle from prominent technical analyst Louise Yamada: “The bigger the base, the higher in space.”
The principle suggests that prolonged periods of consolidation in an asset’s price often serve as a foundation for explosive upward movements. XRP, which has seen significant consolidation since 2018, fits this narrative.
This prolonged consolidation could indicate growing support levels and a reduction in speculative volatility, both of which are critical for a substantial price breakout. XRP is in a unique situation, as it is one of few cryptocurrencies with a consolidation period that lasted for years.
Well-known crypto analysts have shown that XRP has been consolidating for almost 7 years. This phase began after its all-time high of $3.84 in January 2018.
The digital asset is finally experiencing the resurgence the market has been waiting for, recently breached $2 resistance, a level not seen since 2018. As the asset breaches key resistance levels, it could fuel the parabolic move above $100 that Brett predicted.
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Utility as a Driving Force
While speculative trading has traditionally influenced the cryptocurrency market, Kelly emphasized in the video that XRP’s price rally would be driven by its underlying utility. Kelly pointed to XRP’s role in cross-border payments and its ability to replace traditional foreign currency transactions as a core use case.
Ripple’s partnerships with financial institutions globally and the increasing adoption of On-Demand Liquidity (ODL) services further bolster the case for XRP’s potential growth. These developments suggest that XRP’s value could shift from mere speculation to one that reflects its practical application in the financial sector.
Is the $100 Target Plausible or Overambitious?
Brett’s prediction of XRP reaching $100 represents a staggering increase from its current price of $2.16. While such a scenario may seem improbable, many did not believe XRP would hit the $2 level in 2024, and historical precedents in the cryptocurrency market lend credibility to the possibility.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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