Top Analyst Sets $246 XRP Price Target, Citing Historical Pattern After Bitcoin Halving

The Block Bull, a UK-based crypto analyst, sees XRP moving towards $246 if it can sustain a historical pattern that occurred after the last two Bitcoin halving events.

The analyst drew attention to this pattern in a recent analysis of X, citing data from a weekly chart. According to the chart below, XRP traded within a symmetrical triangle from 2015 to March 2017. This consolidation coincided with Bitcoin’s second halving, which occurred in July 2016.

XRP Historical Pattern After Bitcoin Halving

However, 252 days after the Bitcoin halvedXRP recorded a breakout of the symmetrical triangle peak in March 2017. This breakout led to a sustained price uptrend, which culminated in an interim peak of $0.4345 in May 2017.

Notably, the interim peak emerged 336 days after Bitcoin’s halving and 84 days after XRP surpassed the symmetric triangle. After the interim peak, the price of XRP continued to increase, eventually reaching an all-time high of $3.3 in January 2018, 539 days after Bitcoin’s halving. This marked the end of the cycle.

This pattern occurred again from 2020 to 2021. According to the chart, 252 days after Bitcoin’s third halving, which occurred in May 2020, XRP witnessed a price breakdown, recovering from the low of $0.2444 in January 2021.

After this break, the market registered a sustained upward trend, eventually leading to the High of $1.96 in April 2021, 84 days after the rupture occurred. This cycle ended in November 2021, with XRP unable to surpass the all-time high recorded in January 2018.

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An ambitious price target of $246

However, The Block Bull believes it can surpass this level this time as it anticipates a repeat of the pattern this cycle. Remember that the fourth and final Bitcoin halving occurred last month. The analyst waits XRP to stage the much-needed breakup 252 days later, essentially in December.

XRP is then expected to reach the tentative peak for this cycle 336 days after the Bitcoin halving, putting the timeline in March of next year. Interestingly, The Block Bull sees XRP reaching a high of $246 during this cycle, marking a massive 47,017% price increase from its current value of $0.52.

While this price seems extremely audacious, others have projected similar targets in the past. Last July, crypto analyst EGRAG foreseen XRP will reach $1.4, $3.7 or $200 depending on its trajectory in the bull run. Analyst Javon Marks also stated last week that XRP could reach $200 amid the appearance of its “biggest coil pattern ever.”

Several market observers have also set various targets for the price of XRP following the latest Bitcoin halving. Analyst Leb sees XRP smash above the ATH of $3.8, while CrediBULL wait XRP will recover 100% against Bitcoin after halving. Meanwhile, XRP continues to trade at $0.5221, up 3.46% this month.

Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to do thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.

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