2024-7-4 20:40 |
Ripple’s XRP appears prime for a massive price rally in the coming months, with analysts pointing to similar price movements from 2017 to justify their belief in a spike in valuation.
According to Tylie Eric, a financial analyst on X (formerly Twitter), XRP is on course to repeat its historic rally back in 2017, hinting at a cyclical pattern for the asset. At the time, XRP soared by an impressive 1,400% over 12 months compared to Bitcoin’s (BTC) near-100% spike for the year.
After the 2017 peaks and the ensuing prolonged bear cycle, XRP could well recapture its 2017 form again, with Eric alluding to similar trends nearly seven years apart. His analysis highlighted the double bottom pattern for XRP at the $0.00514 mark in 2017, which birthed the price spike to $0.3.
In 2024, Eric believes the stars are falling in place for XRP, following another double bottom pattern at the $0.49929 mark. If XRP follows the same precedent, prices could climb to $35.2, but conservative estimates put the peak of the rally in late 2025.
A double bottom pattern typically represents a major change in trend and often resembles a “W.” The second bounce is considered a strong support level for a potential rally.
“Beat by beat. I think XRP has ticked all the boxes and held all requirements to continue with wave 3 of wave 5. Same way it did in 2017,” wrote Eric.
At the moment, XRP has largely traded sideways, falling by 3% over seven days despite rising trading volumes over the same timeframe. Currently ranked as the seventh largest digital asset with a market capitalization of $26.1 billion, XRP could see its stock climb higher if Eric’s analysis proves correct, potentially challenging for the top three spot.
For now, the altcoin has its sights on the $0.54 mark, but BTC’s recent downward spiral could have grim effects on the short-term price of XRP. However, a Santiment report noted that the dwindling sentiment for XRP offers traders a window of opportunity to swoop in on the asset at a lower price.
“Patient traders who have been waiting for the crowd to give up on these large-cap altcoins may finally have their buy opportunity with FOMO at a 2024 low,” read the Santiment report.
A slew of positivesDespite the historic decision from 2023 that clarified XRP’s status of not being a security, reaching the $1 price point is still far off the distance. The 2023 judgment has been muddied by reports claiming that the designation of XRP remains unsettled following decisions from courts of coordinate jurisdictions.
However, Ripple Labs CEO Brad Garlinghouse has hit back at the reports as false and misleading, claiming that only XRP and BTC have their status confirmed as not securities in the US.
“Spreading this misinformation about the legal status of XRP almost one year after the Torres decision is just dishonest,” said an XRP enthusiast on X.
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