An analyst now forecasts a significant surge for XRP, suggesting that its recent rally is just the beginning.
A market analyst predicts that the current upward trend for XRP is just the beginning, forecasting a significant surge reminiscent of its explosive 2017 performance.
Despite facing broader market challenges, XRP has shown remarkable resilience, soaring 283% in November and continuing its momentum into December, even amidst a market pullback.
While some observers have speculated that XRP might lose momentum and enter a phase of consolidation after such a sharp rise, the cryptocurrency has surprised many by sustaining its strength, posting a 19% gain in December alone.
In contrast, major competitors like Bitcoin (BTC) and Ethereum (ETH) have experienced more modest increases of 3.55% and 5.68%, respectively, during the same period.
Prominent analyst CryptoWZRD has weighed in on XRP’s trajectory, suggesting that the asset is on the verge of a major breakout.
He draws parallels between XRP’s current price movements and those from 2017, highlighting a tendency for the cryptocurrency to form long-term symmetrical triangle patterns.
These patterns often see resistance levels transform into support, a trend evident in XRP’s historical price charts.
In 2017, XRP experienced a massive breakout from a prolonged period of consolidation.
After a staggering 284% rise in March of that year, it did face a temporary setback, dropping 44% in early April.
However, the asset rebounded strongly, eventually rocketing to an all-time high of $3.30 by January 2018.
CryptoWZRD believes that a similar fractal pattern is emerging in 2024.
After witnessing another significant 283% increase in November, XRP is currently navigating bearish pressures in December but is displaying greater resilience than it did in early 2017.
The analyst notes that XRP has already converted previous resistance levels into new support, reinforcing his belief that the rally is far from over.
He confidently states, “I’m sorry if you think it’s over; it’s barely begun.”
This optimism aligns with the broader sentiment among analysts, who suggest that the current bull market, led by Bitcoin, is still in its early stages and could extend into late 2025.
If XRP continues to mirror its 2017 performance, it may enter a sustained bullish phase with significant upside potential.
Some analysts project that the peak for this bull run could reach as high as $11, while others speculate even more ambitious targets of $27.
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Also Read: XRP’S Drop Now Sparks Optimism
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