XRP’s price action this cycle has been full of notable bull runs. However, according to a crypto analyst known pseudonymously as CryptoBull, the real bull run is yet to begin. According to a technical analysis posted on X by this analyst, when XRP finally begins its bull run, the massive swing will take its price action to as high as $37. 

Analyst Says XRP Bull Run Hasn’t Started Yet

XRP has displayed wide price swings in the past week, moving between $2.78 and $3.12 as volatility intensified across the wider crypto market. The token opened the week at $2.86 after a sharp sell-off, bounced back above $3.07 in a midweek surge, then retraced again before recovering to around $2.92 at the time of writing. These movements have kept XRP locked around the $3 level, which is shaping up as both resistance and support in the short term.

Related Reading

Despite the price hovering around $3, which is still a 400% increase from its price point a year ago, crypto analyst CryptoBull argued that XRP has not yet entered its true bull run phase. In a post on X, the analyst highlighted how the current chart structure is repeating the pattern seen between 2015 and 2018. During that cycle, XRP traded in a prolonged sideways range before breaking into its historic rally that carried its price to an all-time high of $3.4. 

Although XRP has already broken past this price point to register a new peak of $3.65 this cycle, it is still closing below its previous peak. According to the analyst, this means that the breakout to new highs has not been confirmed. The accompanying chart reinforces this view, showing a consolidation just below the old ATH, with an arrow pointing to where the bull run begins.

A Path To $37 If History Repeats Itself

The most important takeaway here is for XRP to start closing above its previous all-time high of $3.4, especially on the weekly candlestick timeframe. According to CryptoBull, XRP would still be positioned to surge as high as $37 if this happens. This price target is based on the previous breakout in 2017, albeit with a reduced percentage gain.

Related Reading

If realized, this would represent more than a 1,130% increase from today’s price levels. Based on XRP’s current circulating supply, this would translate to a market cap of over $2.4 trillion. To put this into perspective, Bitcoin’s current market cap is currently about $2.2 trillion.

Although this target might be too bullish, some XRP proponents have suggested that a Spot XRP ETF approval later this year could be the catalyst needed to ignite such a move. Others have even pointed to a larger price target above $100 contingent on XRP’s adoption among banks and other financial institutions.

At the time of writing, XRP is trading at $2.92, down by 2.7% in the past 24 hours.

Featured image from iStock, chart from Tradingview.com

Today, the executive chairman and CEO of Strategy Michael Saylor commented in a recent interview with Bloomberg about the company’s aggressive Bitcoin-based strategy, highlighting that Bitcoin will not reach zero, bringing it to $1 million.

“I think we’re in a digital gold rush. We’ve got 10 years to get all of our Bitcoin before we don’t have any left,” Saylor said. “Competition is a noble competition.”

Saylor also said Bitcoin will no longer have a bear market, with the price being $1 million per coin.

“The winter hasn’t returned,” commented Sayar. “We’re past that stage. If Bitcoin doesn’t go to zero, it’s $1 million. The US President will be decided. He supports Bitcoin, he supports Bitcoin, and Scott Bescent will support Bitcoin.

He also pointed out that international companies are rapidly entering the space.

“Metaplanet is currently the hottest company in Japan. They have market capitalizations ranging from $10 million to $5 billion. They draw liquidity from the Japanese market.

Strategic approaches are far from tradition. The company is not just buying and holding Bitcoin. It builds financial products around it.

“We have a very specific business model,” he said. “It’s about issuing Bitcoin-supported credit products, such as Bitcoin-supported bonds, particularly Bitcoin-supported preferred stocks. We are the only company in the world that has been able to issue Bitcoin-supported preferred stocks.

Rather than viewing Bitcoin Treasury Holdings or ETFs as competitors, Saylor explained that their strategy is targeting different segments of the market entirely.

“We are not competing with Bitcoin financing companies. We are competing with ETFs like PFF, which have portafolios of preferred stocks and corporate bond portfolios traded as public market ETFs.

He emphasized that the Bitcoin balance sheet of strategy gives a unique advantage and gives the company the ability to design unique financial products.

“Our advantage is that we are 100% Bitcoin. It is impossible to issue Bitcoin Assistance Convertible priorities and fixed priority for Bitcoin support, unless we are willing to make 100% of Bitcoin on our balance sheet.”

“I’m not too worried about the competition with JPMorgan or Berkshire Hathaway,” concluded Saylor. “We want them to enter the Bitcoin space and buy a bunch of Bitcoin. When they do that, they’ll pay $1,000,000 for Bitcoin.