Crypto analysts are thrilled about the possibility of a double-digit XRP price, which could see the token’s price reach up to $20. However, the altcoin must regain its 2017 high against Bitcoin to achieve that feat.
The hopeful prediction of a double-digit XRP price follows the altcoin capitalizing on the current crypto rebound, which saw XRP gain 5% in 24 hours, beating all the major cryptocurrencies. In the meantime, as expected, the arrival of Thanksgiving saw Bitcoin spared from the imminent crypto massacre everyone had feared would take place.
This Could Be an Early Bull Run
The crypto market is currently riding on a recovery wave that saw XRP bounce from the lows of $1.28 earlier in the week to exchange hands between $1.3 and $1.4 psychological levels during Friday trading. Analysts expect the altcoin to solidify its position and climb to $1.5. In the meantime, Bitcoin showed signs of recovery and rose from Thursday’s price of $93,500 to trade above $96,000 on Friday.
According to crypto analyst CryptoBull, analysis surrounding the price of XRP in the USD/BTC pair shows that this could be an early Bull Run. CryptoBull opines that while the market was still 1,500% behind value relative to early 2017, we could easily see a double-digit XRP price. “If we meet the same Bitcoin value, the $XRP price will be around $20.”
XRP Surged 111% against BTC Recently
XRP has had a difficult time catching up with the flagship cryptocurrency since January 2018, when it achieved an all-time high of $3.31. Moreover, the altcoin’s price has dipped continuously relative to BTC recently. However, current data indicates a change in the trend, with XRP amazingly surging 111% against BTC, indicating the possibility of a breakout leading to a double-digit XRP price. CryptoBull suggests that for XRP to confirm the breakout, it must close November above the trend line against Bitcoin.
To put the entire picture in context, note that while the altcoin has rallied over Bitcoin recently, XRP changed hands at only 0.00001544 BTC, much lower than its peak price during its early 2017 rally. This has mainly been caused by BTC witnessing an unprecedented surge that saw it go only $300 shy of the coveted $100,000 price riding on the November 5 election results. CryptoBull predicts the uptrend will continue until XRP claims its 2017 peak against Bitcoin.
Double-Digit XRP Price Possible if XRP Repeats 2017 performance
At the time of writing, the peak stood at 0.0002454 BTC. The last time the altcoin achieved this peak was May 2017, following months of struggling; XRP remains at least 1,500% away from this peak level. Should XRP hold steady and record a rally similar to its 2017 rally, CryptoBull predicts that a push to 0.0002454 BTC peak will achieve the double-digit XRP price of $20.
Note that with BTC trading at $98,500, the 0.00002454 BTC will equal $23 per XRP token relative to the dollar. Records from 2017 show that the XRP rally in March opened with a gigantic 308% gain against Bitcoin, and the bulls held steady for the next three months. The crypto analyst opines that if XRP repeats a similar performance, the altcoin could beat Bitcoin in December 2024 and January 2025.
Conclusion
The entire cryptocurrency market is in a recovery phase aligned with the Thanksgiving holiday as Bitcoin pushes above the $95,000 level. Analysts predicting an imminent double-digit XRP price believe it’s essential for the altcoin to overcome the $2 resistance level to get on an upward trajectory toward the $20 price tag.
Besides the technical factors that could make achieving this feat a possibility, other positive sentiments include the anticipated resignation of SEC chair Gary Gensler. Industry players believe this will pave the way for improved cryptocurrency regulatory conditions and boost the euphoria surrounding XRP. Investors are keenly watching how the altcoin will navigate this critical phase and move toward the dream double-digit XRP price.
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