XRP’s price movements this cycle have seen significant bull runs. However, according to a crypto analyst known as CryptoBull, the true bull run has yet to commence. A technical analysis shared on X by this analyst suggests that once XRP starts its bull run, it could surge to as much as $37.
Analyst Claims XRP Bull Run Is Still Pending
XRP has experienced dramatic price fluctuations in the past week, ranging between $2.78 and $3.12 as volatility heightened across the broader crypto market. The token began the week at $2.86 following a sharp decline, soared back above $3.07 midweek, then retraced before recovering to around $2.92 at the time of writing. These fluctuations have kept XRP hovering around the $3 mark, which is becoming both resistance and support short-term.
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Even with the price stabilizing around $3, reflecting a 400% increase from last year, analyst CryptoBull contends that XRP has not yet launched into its genuine bull run phase. In a post on X, the analyst referenced how the current chart pattern mirrors the trend seen from 2015 to 2018. During this period, XRP moved in a prolonged sideways range before breaking into its historic rally that propelled its price to an all-time high of $3.4.
Even though XRP has surpassed this price point to achieve a new peak of $3.65 this cycle, it remains below its previous high. The analyst notes that this indicates that the breakout to new highs is not yet validated. The accompanying chart supports this perspective, illustrating a consolidation just beneath the former ATH, with an arrow indicating where the bull run will begin.
A Potential $37 Target If History Repeats
The key takeaway here is that XRP must start closing above its former all-time high of $3.4, particularly on the weekly candlestick chart. According to CryptoBull, if this occurs, XRP could very well soar to as high as $37. This target is derived from the prior breakout in 2017, albeit with a scaled-back percentage gain.
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Should this come to fruition, it would signify an increase of over 1,130% from today’s price levels. Given XRP’s current circulating supply, this would imply a market cap exceeding $2.4 trillion. For context, Bitcoin’s present market cap is approximately $2.2 trillion.
While this target may seem overly ambitious, some XRP supporters have suggested that a Spot XRP ETF approval later this year could be the catalyst needed to trigger such a surge. Others have even indicated a higher price target above $100, depending on XRP’s acceptance by banks and financial institutions.
At the time of writing, XRP is trading at $2.92, reflecting a drop of 2.7% in the last 24 hours.
Featured image from iStock, chart from Tradingview.com
