Crypto analysts have XRP under the lens, as the altcoin has been consolidating for over 500 days. Well-known XRP figure Edward Farina recently predicted that the coin will be on a “perpetual cycle.”
Farina had this to say during the Istanbul Blockchain Week, with many believing XRP will enter into its biggest bull cycle despite the currently unstable market conditions. He has called on investors to enjoy the current situation while prices are low.
Another crypto analyst, Egrag, shares his technical examination of XRP’s price movement in support of Farina’s optimism: The token’s recent resurgence within a key support and resistance levels, particularly $0.3931, signifies a very robust support zone.
This particular movement of XRP has consolidated for over one and half years, which he thinks could be considered the accumulation that must be formed prior to a massive breakout. Egrag’s chart reveals that the bullish targets could be located at $0.739, $0.924, and may even be as high as $1.469.
#XRP 540 Days Ranging Since March 13th, 2024! 🔥
If you’re getting shaken by these tiny moves, you don’t deserve the MASSIVE MEGA PUMPS that are coming!#XRPArmy STAY STEADY pic.twitter.com/ErNrvkO4F3
— EGRAG CRYPTO (@egragcrypto) September 7, 2024
‘Mega Pump’ On The Horizon?
From Egrag’s analysis, holders of XRP are about to get what he terms a “Mega Pump.” While he maintains that those who held onto their tokens during this quiet phase may be rewarded in big proportions, he put forth a contrary belief that individuals who sold their XRP don’t deserve the massive mega pumps ahead.
While XRP remains in this range, other cryptocurrencies climb. Bitcoin peaked in June 2024; Binance Coin peaked this year in April 2024. Even meme currencies like Shiba Inu and FLOKI soared, although given the volatility of the crypto market these were not sustained for long.
Despite the laggard performance, however, some long-term investors of XRP are pretty confident that the long accumulation phase will be followed by a breakout.
‘Perpetual Cycle’ Incoming?
Farina’s strategy is dollar-cost averaging: a practice wherein investors gradually buy an asset, particularly when it’s down from the peak. He said it was an excellent candidate for long-term accumulation since XRP remains 80% below its $3.84 record price back in 2018.
$XRP won’t experience a bull run, it will be a perpetual cycle. In a few years, we’ll look back at today’s prices, it will feel absolutely unbelievable.
EAK TV interview at @IstanbulBlockWk #IBW2024 pic.twitter.com/wS30CFTAHI
— EDO FARINA 🅧 XRP (@edward_farina) September 8, 2024
Further, he noted that this may put investors in a position to reap extraordinary gains once the market eventually reverses upward.
Farina is not in a vacuum with his optimism. Other analysts have mirrored his view, saying XRP could go up as much as $50, or even up to $100, in the not-so-distant future.
Will XRP Break Out?
XRP is still affordable, trading around $0.527 at the time of writing. CoinMarketCap observers are bullish, with 73% predicting a token recovery soon.
As varied as the market outlook was, many investors have followed Farina’s advice to accumulate XRP while prices remain low, hoping the token surges in the long run.
Whether or not the “mega pump” occurs, the extended consolidation phase for XRP could be a preparatory move for something big.
Featured image from Toyota of North Charlotte, chart from TradingView