In a recent tweet, a well-known cryptocurrency influencer, John Squire, pointed out a significant observation regarding the current status of XRP in the market.
Squire specifically emphasized the extended period of accumulation that Ripple has experienced for about six years.
Are people even aware that $XRP has been in an accumulation phase for probably about 6 years?
The explosion will exceed all expectations.
— John Squire (@TheCryptoSquire) September 12, 2023
He suggested that the upward trend following this lengthy accumulation phase will be remarkable, surpassing what market participants have predicted and anticipated.
XRP Accumulation Phase
Notably, if an asset is in an accumulation phase, it has been undergoing relatively stable or sideways price movements following a previous uptrend or downtrend.
In the case of XRP, its last notable uptrend occurred in 2018 when it reached an all-time high (ATH) of $3.8. However, over the years, the value of Ripple has declined from its ATH of $3.8 to its current level of $0.480.
Experts have also argued that these periods of subdued performance suggest that traders and investors are accumulating XRP at what they consider to be attractive prices.
Another Analyst Weighs in on the XRP Price Trajectory
However, Squire isn’t the only prominent commentator who believes that XRP may experience a substantial breakthrough following the extended period of decline.
Numerous analysts have pointed out that XRP’s six-year candlestick patterns mirror the pattern observed just before its bullish run to an all-time high (ATH) in 2018.
This pattern is a symmetrical triangle, as illustrated in the chart below.
While Squire didn’t specify a specific price target for Ripple, other analysts believe that XRP could achieve significant gains, possibly reaching double or triple-digit values.
Notably, some experts projecting an increase in XRP’s value are not solely relying on chart patterns. Instead, they are basing their optimistic outlook on the practical solutions that Ripple offers in cross-border payments.
Another Pundit Says XRP Could Hit The $10,000 Mark
An influencer within the XRP community, Bitforcoinz, believes that an XRP price reaching $10,000 makes sense, considering the cryptocurrency’s supply and potential role in settling Central Bank Digital Currencies (CBDCs).
Many experts have promoted Central Bank Digital Currencies (CBDCs) as potentially faster, more secure, and more dependable than traditional payment systems.
Nevertheless, there are challenges associated with using CBDCs, as they may not be compatible with each other or with existing financial infrastructures.
Some commentators have positioned Ripple as a viable solution to address this connectivity challenge. Ripple has already employed XRP in its On-Demand Liquidity (ODL) product to tackle this problem. The company’s efforts to use XRP for streamlined cross-border settlements have been groundbreaking.
Bitforcoinz suggests that Ripple could serve as a fundamental bridge for CBDCs, facilitating efficient and highly liquid transfers between different digital currencies.
However, he expresses concern that XRP’s supply of 100 billion may not be sufficient for this purpose. The influencer argues that this perceived scarcity could favor XRP’s price.
To compensate for its potential scarcity in settling CBDC transactions, XRP’s price could experience a significant surge. Based on this rationale, Bitforcoinz believes that a value of $10,000 for XRP is a reasonable conclusion.