XRP Could Soar by Over 2,000% This Year to $10, Chart Analysis Suggests

Recent chart analysis on the floor of the Frankfurt Stock Exchange in Germany suggests that XRP could soar by over 2,000% this year to $10.

Recent analysis conducted on the floor of the Frankfurt Stock Exchange in Germany has revealed a surprising XRP price prediction for 2024. The analysis, presented by Tokentus Investment AG CEO Oliver Michel in an interview with Der Aktionär, suggests that XRP could soar by over 2,000% this year, potentially reaching price levels of $8, $9, or $10.

Specifically, Michel's analysis focused on the performance of XRP in 2024 and the reasons behind the optimism among investors. The correspondent inquired about the stark difference observed between the charts of Ethereum and Solana compared to XRP.

"The XRP chart is in a monthly view, spanning from 2014 to June 2024. XRP has shown little movement over the past year, hovering between $0.50 and $0.52," Michel explained.

"Meanwhile, from 2014 to early 2017, XRP formed a wedge pattern that led to an initial breakout of a whopping 4,300%. To put this into perspective, XRP traded as low as $0.006 in January 2017 but soared to $0.2522 by December, marking a 40-fold increase."

Michel went on to explain that XRP moved sideways for a few days before completing the breakout rally, which sent it to an all-time high of $3.84. He estimated that XRP's trajectory from its bottom prices before the ATH represented an astonishing 39,700% increase.

According to the CEO, this historic performance is driving the optimism among XRP investors. Specifically, the community is hoping for this impressive percentage growth amid XRP's current underperformance.

"The optimism stems from the observation that a similar bullish wedge has been forming over the years. The pressure is building, and everyone is anticipating an upward breakout soon," Michel remarked.

However, the analyst stated that the breakout rally does not have to be a 40-fold increase like before. Michel noted that he would be satisfied with a 20-fold gain, where XRP reaches price levels of $8, $9, or $10 this year.

"That would be quite nice. It’s something to hope and wait for, and that’s what I’m doing," he remarked.

Prominent XRP community account XRP DROPZ highlighted the bullish analysis presented by the Tokentus Investment CEO at the Frankfurt Stock Exchange.

?? #XRP CHART ANALYSIS IN THE FRANKFURT STOCK EXCHANGE IN GERMANY ➡️ THE XRP CHART IS "SIGNIFICANTLY DIFFERENT THAN #SOLANA AND #ETHEREUM" ➡️ "WE HAD THIS WEDGE AT THE TIME 2014-2017 THAT WAS COMPRESSED AND WE HAD A FIRST BREAKOUT UPWARDS 4300% […] AND HAD ANOTHER BREAKOUT… https://t.co/rb8CvlJLJv pic.twitter.com/MPtZVmzJZa

— XRP DROPZ (@DROPZXRP) June 6, 2024

It is worth noting that Michel, who is known for his bullish stance on XRP, has previously stated that he has an investment in the asset. In a past analysis, the CEO boldly asserted that XRP has the potential to be a world reserve currency.