In a recent analysis, a prominent crypto analyst has revealed a compelling case for a significant price surge in XRP, the native cryptocurrency of the Ripple network. The analyst, known as CryptoBull, has drawn attention to XRP's historical performance and the formation of a bullish chart pattern that could potentially lead to an astronomical price increase.

The analysis comes at a time when XRP has been underperforming compared to the broader cryptocurrency market. Since October 2023, XRP has only seen a modest 4.2% increase in price, while other major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have experienced much more substantial gains of 154%, 124%, and 690%, respectively.

Despite this relative underperformance, CryptoBull points out that XRP has a history of lagging behind the market before experiencing a meteoric rise. In 2017, for example, XRP underperformed the broader market before surging by an impressive 48,823% to outperform the entire market.

The analyst suggests that this trend could repeat itself in the ongoing bull market, citing historical data from the 2014 to 2018 market cycle. During this period, XRP skyrocketed from $0.002 in early 2014 to an all-time high of $3.84 in January 2018, marking a remarkable 191,900% increase in nearly four years.

CryptoBull's analysis focuses on the formation of an ascending broadening wedge pattern on XRP's monthly chart. This pattern, which consists of two trendlines creating a broadening formation as the asset records higher highs and higher lows, typically has a bearish bias. However, the analyst believes that XRP could be riding the wave for an upsurge, similar to what occurred during the 2014 to 2018 price action.

The chart predicts that XRP could form this pattern again after collapsing to $0.11 in March 2020, potentially leading to a price spike akin to the previous one. If this scenario plays out, XRP could reach an audacious target of $154, which would translate to a 139,900% price increase and put XRP's market cap at a staggering $8.5 trillion, assuming its circulating supply remains relatively stable.

While the prospect of such a massive price surge has generated excitement among some market participants, others have expressed skepticism about the feasibility of this target. In a separate analysis, market watcher Casi projected a more conservative target range of $8 to $13, while analyst EGRAG predicted a rise to $5.89.

As with any investment decision, it is crucial for investors to conduct thorough research and consider their own risk tolerance before making any moves in the volatile cryptocurrency market. The Crypto Basic encourages readers to approach such analyses with a critical eye and to seek professional financial advice if necessary.