A market commentator anticipates that XRP will soar to an all-time high during the ongoing bullish trend, reminiscent of the 2017 rally.
XRP is one of the biggest beneficiaries of the recent market rebound. In the past 24 hours, it has risen by over 24%, reaching $1.93. Therefore, market observers are optimistic about XRP's potential for further gains, with some predicting a rebound similar to that of 2017.
One of the analysts is EGRAG, who recently suggested that XRP could reach $5.3 in the short term. This prediction is based on an analysis of XRP's price movements since 2013, focusing on the symmetrical triangle pattern that defines its long-term chart.
XRP's historical symmetrical triangle
EGRAG's chart highlights two symmetrical triangle patterns in XRP's history. The first triangle spans from December 2013 to March 2017.
During this period, XRP experienced a breakout, surging by as much as 287% in just one month. This breakout was a precursor to XRP's rapid rise, which ultimately peaked at $3.31 in January 2018.
XRP 1W Chart | EGRAG Cryptocurrency
The second triangle appears after XRP's decline from its peak of $3.31. This pattern has persisted for seven years. However, November 2024 brought new optimism as XRP recorded an astonishing 270% increase this month. Analysts believe this surge could signal the beginning of a breakout similar to that of 2017.
XRP's target price is $5.3
EGRAG's analysis indicates that if the current surge resembles the breakout of 2017, XRP could see an astonishing increase of 1,273%. Market analysts confirm that this surge will drive XRP's price up to about $5.3.
However, this prediction comes with caution. Just as there was a significant adjustment following the rebound in 2017, a similar pattern may occur this time. EGRAG expects a 63% pullback after XRP reaches its peak, which would bring the price back to the range of $1.94 to $1.96, aligning with XRP's historical high set in 2021.
The analyst further emphasized that although the price movements are very similar to the 2017-2018 cycle, the timeline may differ. Notably, external factors such as market sentiment and regulatory developments may influence the speed and trajectory of the rebound. Good. Sticky rice. Good: Liu Liu says currency (weekly Monday to Saturday early review strategy analysis of Bitcoin and Ethereum, long-term recommendations for quality individual currencies and live analysis)
Currently, XRP is trading at $1.90, up 5% today. Its latest surge has broken major resistance levels. The asset has surpassed $1.63 and is approaching the 2021 peak of $1.96. Market observers expect that once the resistance level of $1.96 is broken, XRP will easily surpass the $2 price level.