$XRP has been making waves in the cryptocurrency market, emerging as one of its top performers. Over the past 24 hours, the altcoin has surged by an impressive 23.21%. In the last two weeks, it has recorded a remarkable 154% price increase, solidifying its position as the sixth-largest cryptocurrency with a market capitalization of $89.82 billion. With bullish momentum building and the broader crypto market entering an early bull phase, many analysts foresee XRP reaching unprecedented price levels.
Will $XRP Replicate Its Explosive 2017 Rally?
On November 22, a crypto analyst known as CryptoBull speculated in a post on X (formerly Twitter) that XRP could climb to $40 within the next three months if it mirrors its historic price trajectory from 2017.
According to CoinMarketCap data, XRP surged from just $0.006 to $0.33 during early 2017, delivering an extraordinary 5,400% gain. Drawing parallels with its recent rally, the altcoin appears to be gathering strength to replicate such a meteoric rise during the anticipated crypto bull run.
Several key developments are fueling this optimism. Notably, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler recently announced his intent to step down on January 20. This announcement has significantly buoyed investor sentiment around XRP, given the SEC's protracted legal battle with Ripple. Many investors view Gensler’s resignation as a pivotal moment for Ripple, potentially clearing regulatory obstacles that have long hindered XRP’s progress.
In addition, the pro-crypto stance of incoming U.S. President-elect Donald Trump is stoking enthusiasm. Trump’s promises to adopt a more favorable regulatory approach for digital assets, combined with the potential approval of a spot Bitcoin ETF, have added to the bullish outlook for XRP.
CryptoBull projects that if XRP mirrors its 2017 performance, it could hit $1.96 by November’s end, surge to $6.30 in December, and achieve a staggering $40 by January.
Key Price Levels to Watch During XRP’s Predicted Surge
While the forecast for XRP is undeniably ambitious, several critical resistance levels may challenge its path upward. CryptoBull highlights $1.96 as a crucial hurdle. If bullish momentum can drive XRP beyond this point, the next significant resistance lies at $3.84, which represents its current all-time high.
Despite these obstacles, prevailing market conditions suggest a high likelihood of XRP surpassing these levels. However, traders should exercise caution as XRP’s Relative Strength Index (RSI) currently sits deep in overbought territory at 91.73, indicating a potential pullback.
As of now, XRP is trading at $1.78, reflecting a 79.57% gain over the past week. Additionally, its daily trading volume has surged by 103.57%, reaching a value of $20.29 billion, further signaling robust investor interest.
XRP’s journey toward $40 is laden with opportunities and challenges, but with bullish sentiment prevailing and key market dynamics in its favor, the token could be on the brink of a historic breakout.
Featured Image: Trackinsight | Chart Data: Tradingview
Disclaimer: This content is for informational purposes only and should not be considered investment advice. Always conduct thorough research before making financial decisions.
Source: Adapted from NewsBTC
