Ripple's XRP appears poised for a massive price increase in the coming months, with analysts pointing to a similar price movement in 2017 to justify their belief in a surge in value.
The X (formerly Twitter) financial analyst Tyree Erik believes that #XRP is well positioned to repeat its historic rise in 2017, which speaks to the cyclical nature of this asset. At the time, XRP was up 1,400% in 12 months, compared to #bitcoin (BTC), which soared nearly 100% in a year.
After the 2017 peak and the prolonged bear cycle that followed, XRP could regain its 2017 form, with Eric citing similar trends nearly seven years apart. His analysis reveals the following patterns
XRP is currently trading in a mostly flat trend, down 3% in seven days despite an increase in trading volume over the same period; XRP currently ranks seventh among #digital assets with a market capitalization of $26.1 billion, but if Eric's analysis proves correct, its stock will continue to rise and possibly make it into the top three.
The altcoin is currently stable at US$0.54, but the recent drop in #BTC could greatly affect the short-term price of XRP. However, the Santiment report notes that the lower sentiment towards XRP gives traders the opportunity to buy the asset at a lower price.
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