An analyst predicts XRP could now reach $5.30, noting that even with a 63% decline, it would still remain above $1.96.
A market commentator anticipates that XRP is poised to reach a new all-time high, driven by a rally reminiscent of the explosive growth seen in 2017.
In recent days, XRP has emerged as a significant beneficiary of the latest market rebound, surging over 24% in just 24 hours to hit $1.93.
This remarkable performance has sparked optimism among market analysts, many of whom are drawing parallels between the current momentum and the dramatic rise experienced in 2017.
One notable analyst, EGRAG, has put forth a bold projection, suggesting that XRP could climb to $5.3 in the near future.
This forecast is based on a detailed examination of XRP’s price history since 2013, particularly highlighting a symmetrical triangle pattern that has shaped its long-term trajectory.
EGRAG’s analysis identifies two key symmetrical triangle formations in XRP’s past.
The first occurred between December 2013 and March 2017, during which XRP experienced a breakout that resulted in a staggering 287% increase in just one month.
This breakout set the stage for XRP’s unprecedented rise, ultimately reaching a peak of $3.31 in January 2018.
The second triangle has formed following XRP’s decline from that peak, persisting for seven years.
However, the month of November 2024 has reignited optimism, as XRP has already seen a remarkable 270% gain this month.
Analysts believe this surge could signal the onset of another breakout akin to the one from 2017.
EGRAG’s projections suggest that if the current rally mirrors the previous breakout, XRP could potentially experience an astonishing 1,273% increase, pushing its price to around $5.3.
However, the analyst does caution that, similar to the 2017 rally, significant corrections may follow.
He anticipates a possible retracement of 63%, which could bring XRP’s price back to the $1.94 to $1.96 range—close to its previous all-time high achieved in 2021.
Furthermore, EGRAG emphasizes that while the current price movements closely resemble those from the 2017–2018 cycle, the timing of events may vary.
External factors such as market sentiment and regulatory developments could significantly impact the rally’s speed and direction.
The recent surge has enabled it to breach critical resistance levels, surpassing $1.63 and nearing its 2021 peak of $1.96.
XRP is currently trading at $2.30.
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