Is XRP’s Price Following a Pattern Similar to the 2017 Surge? Analyst Highlights Parallels.
Reasons to Have Confidence
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Analyst Galaxy has drawn parallels between the recent price movements of XRP and the altcoin surge in 2017, where significant profits were observed. He forecasts that the altcoin may soon reach double digits, reflecting the previous rally.
XRP Price Expected to Soar to Double Digits, Echoing 2017 Bull Run
In a recent post, Galaxy suggested that XRP could ascend to double digits as it repeats the bullish trend witnessed in 2017. He noted that the current movements of XRP closely follow the breakout trajectory of 2017 following a six-year consolidation period. The analyst remarked that prolonged consolidation often precedes significant price movements.
Related Insights
His analysis indicated that the price of XRP may potentially surge to nearly $40 during this breakout. The analyst appears optimistic about the altcoin’s capacity for such dramatic gains, recalling that XRP experienced a staggering 61,000% rise over 280 days back in 2017. The analysis further suggests that the altcoin may reach this target within the forthcoming year.
Another analyst, Egrag Crypto, has projected that XRP could attain prices ranging from $27 to $33 during this market cycle. He suggests that a repetition of 2017’s price performance makes these targets feasible for the altcoin. The analyst also pointed to elements like XRP ETFs and Ripple’s growth as factors that may drive this price increase.
At the same time, veteran investor Raoul Pal emphasized that XRP possesses the potential for significant upward movement from its current standing. He pointed to the formation of a bull flag for the altcoin, following its consolidation phase after last year’s surge. Pal anticipates that XRP could experience positive momentum post-consolidation, potentially reaching up to $5, which would establish a new all-time high for the asset.
The Altcoin in a Positive Trend
CobraVanguard, another crypto analyst, affirmed that XRP is currently exhibiting a positive trend while highlighting a falling wedge pattern forming for the altcoin. He stated that this pattern suggests the potential for the altcoin to hit $3. However, he also cautioned that this setup could lose validity if the wedge pattern breaks downwards with strong bearish movements.
Related Insights
Meanwhile, analyst Dark Defender observed that XRP is currently in Wave B of its Wave 2 corrective phase. He forecasts that the altcoin may reach its previous all-time high once Waves B and C complete in this corrective segment. The analyst is confident that the altcoin can reach double digits in the long run and has even anticipated that it could hit $18 based on his Elliott Wave Theory analysis.
As of now, the XRP price is approximately $2.38, having increased over the past 24 hours, according to market data from CoinMarketCap.
Image sourced from iStock, chart from Tradingview.com
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