XRP 7-Year Long Accumulation Draws To An End, What This Means For The Price

Expectations for the XRP Price Fluctuate Amidst Ripple Legal Battle

Expectations for the XRP price have fluctuated significantly over the past year, primarily due to the ongoing uncertainty surrounding the Ripple lawsuit with the United States Securities and Exchange Commission (SEC). Despite the altcoin's underwhelming performance in 2024, bullish sentiment has persisted, with one analyst predicting an end to a prolonged accumulation trend.

XRP Price Poised for Breakout as Accumulation Trend Nears End

Crypto analyst U-Copy shared their forecast for the XRP price on X (formerly Twitter). The accompanying chart depicts the altcoin in a seven-year accumulation trend, which is anticipated to culminate soon, triggering a bullish rally.

The analyst observed that XRP is currently forming a triangle along the accumulation trend, a pattern that has occurred only once before in history. The first instance transpired between 2013 and 2017, during which XRP experienced an extended accumulation period. Notably, the conclusion of this accumulation marked a significant surge in price, rising from approximately $0.005 to $2.5 within a year, representing an astonishing 500,000% increase.

Based on the price's reaction to the completion of the previous accumulation cycle in 2017, the analyst anticipates a similar response this time around. The current accumulation began in 2018 and has continued through 2024, a duration nearly double that of the previous cycle. This extended period could result in an explosive rally at its conclusion.

U-Copy projects the accumulation trend to end in 2024, potentially initiating a bullish rally. This forecast aligns with the heightened expectations surrounding the potential resolution of the Ripple vs. SEC case this year, which investors believe could positively impact the price.

Price Projection

While the crypto analyst did not provide a specific price target for XRP, the historical rally from 2017-2018 suggests the altcoin could reach a new all-time high. This would translate to a rise of approximately $3, representing a 600% increase from its current price of $0.5.

The analyst identified a three-month timeframe from May 15 to August as a period to monitor for the potential commencement of the rally. "Don't know target price but could blow up big in this Bull Cycle up to December," the analyst stated.

Bulls begin to claim control from bears | Source: XRPUSDT on Tradingview.com Featured image from CoinMarketCap, chart from Tradingview.com