Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. XRP has drawn plenty of comparisonsover the past few months, but one analyst believes the best way to understand its future is to look at Amazon’s past. Nick Anderson, better known as BULLRUNNERS on the social media platform X, says XRP is going through the same kind of consolidation Amazon faced in 2010, and it still has the potential to rally to $200. The key difference, however, is the patience investors will need before this rally can happen. Related Reading XRP Poised For Amazon-Like Boom? Analyst Predicts $200 Rally 3 days ago Amazon’s Breakout Holds The Clues For XRP
XRP’s price action in the past seven days has been highlighted by a trading range between$2.8 and $2.9. The cryptocurrency now seems stuck within this range, but it has managed to hold above $2.8for the meantime. Interestingly, Anderson likened this consolidation move to a similar retest of a previous high by the Amazon stock (AMZN) back in 2010.
In his post,Anderson highlighted how Amazon stock spent roughly 3,800 days consolidating after the dot-com crash before finally breaking past its previous high and entering a meteoric run. However, before entering into this meteoric run, it consolidated for a few months in 2010 just after breaking above its previous high during the dot-com bubble.
According to Anderson, XRP’s current structure is tracing out a massive cup and handle that mirrors this exact Amazon stock setup, with the cryptocurrency now using past highs as support in the same way Amazon did. Just as Amazon transformed once it cleared resistance, Anderson believes XRP could follow a similar breakout trajectory that could eventually push its price above $100, and possibly as high as $200. XRPUSD currently trading at $2.8. Chart: TradingView Short-Term Expectations Between $5 And $30
In his assessment, Anderson noted that this predicted rally to $200 might take many years to come to fruition. Comparing today’s price of around $2.80 to Amazon’s $5 launch point before its monumental rally, this would probably be the best time for XRP investors to accumulate for the long term. For younger investors, holding XRP for the next10 to 15 years could prove transformative, with as little as 10,000 XRP amounting to $1 million in value if the cryptocurrency eventually climbs to $100.
Despite his long-term forecast, Anderson is more cautious about what XRP might achieve this cycle. He stated that while a push to $100 in the near term would be “absolutely insane”, a more realistic target for this bull run could lie between $5 and $30. After that, he expects another correction to set in before the rally resumes sometime around the end of the decade. Related Reading MemeCore Explodes 3,800% For ATH — But Is A Collapse Around The Corner? 1 day ago
Anderson also left room for a more explosive scenario,noting that XRP could deliver what he called a “giga rally” if liquidity rushes into the market faster than expected. This is based on the growing anticipation around the adoption of ISO 20022by the US Federal Reserve.
At the time of writing, XRP is trading at $2.81.
Featured image from Unsplash, chart from TradingView