XRP Gearing Up For 1,300% Rally? Analyst Sets Bold $48 Target For Next Bull Run

As XRP anticipates a potential rally toward a key short-term resistance level, an analyst has set a bold target for the cryptocurrency’s long-term performance, suggesting that the altcoin could soar by over 1,300% during the next bull run.

According to the chart, the altcoin has been forming an ascending triangle pattern on the monthly chart since 2018, when it rallied around 1,500% over two months to its old all-time high (ATH).

XRP has traded between the $3.30 horizontal resistance and the ascending trendline over the past eight years, marking the bottom and peak of each rally during the last two cycles.

The analyst suggested the altcoin could continue to move within this pattern until the next bull run and potentially rally 1,350% to the $48 target once it breaks through the multi-year resistance.

Per the post, XRP could test the pattern’s neckline, currently around the $0.70-$0.80 area, as support in the coming months before beginning to recover from the bear market lows.

As he explained, the altcoin’s price has been compressing between a major level of resistance and a major level of ascending support over the past five weeks, which could target a 25% rally in the next few weeks as it approaches the tighter range of its apex.

The apex does have a date (…) we’re looking towards the end of March, 25th of March, where XRP could, if it rejects from this $1.42-$1.43 level, (…) get really tight and compressed into a corner to look for a decision.