Can XRP Duplicate 2017 Price Movement? Target $40

XRP, a crypto market leader, rose 23.21% in 24 hours. The popular altcoin has gained 154% in two weeks, becoming the sixth-largest cryptocurrency with a market worth of $89.82 billion. This momentum and the early crypto bull season have experts optimistic about XRP's ability to achieve high prices.

Can XRP Duplicate 2017 Price Movement?

On November 22, CryptoBull wrote on X that XRP might reach $40 in three months if it repeats its 2017 price explosion.

XRP gained 5,400% from $0.006 to $0.33 in early 2017, according to CoinMarketCap. The cryptocurrency may be preparing for a crypto bull run after its recent price increase.

Most importantly, famous anti-crypto Securities and Exchange Commission Chairman Gary Gensler announced his resignation on January 20, which is driving XRP investors' positive mood given the Commission's protracted regulatory struggle with Ripple. Gensler leaving the SEC was called Ripple's “best thing” for its future, which is important.

Gensler resigned on the same day as pro-crypto US President-Elect Donald Trump's inauguration, who vowed to liberalize digital asset regulation. The possibility of a spot ETF under Trump's pro-crypto government and XRP's freedom from SEC oversight boost its profitability.

If XRP continues its early 2017 price boom, CryptoBull expects it to reach $1.96 in November, $6.30 in December, and $40 in January.

Price Resistance in XRP's Dream Surge

XRP might reach a high price goal, but CryptoBull expects resistance above $1.96. The analyst anticipates XRP to face another obstacle at $3.84, its all-time high, if purchasing pressure exceeds this level.

Given market bullishness, the cryptocurrency may break these resistance levels. Despite its overbought Relative Strength Index (91.73), the token's price might fall.

XRP is now trading at $1.78, up 79.57% in a week. Meanwhile, the token's daily trading volume rose 103.57% to $20.29 billion.

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