Ripple’s XRP could be gearing up for a quiet unbelivable price increase in the coming months, according to a market analysts who see similarities to its 2017 price rally.
2017 vibes
Financial analyst Tylie Eric, sharing his insights on social media platform X, predicts that XRP may follow a pattern similar to its 2017 moves, when XRP’s value skyrocketed by 1,400% over the year.
That rally vastly outpaced Bitcoin’s rise. Which was also epic, btw. Eric’s analysis points to a cyclical trend, and he thinks XRP might be on the brink of a major jump again.
Eric’s optimism comes from identifying a double bottom pattern in XRP’s price chart, a classic textbook formation from technical analysis, similar to the one in 2017 that led to a giant price increase.
This pattern, often seen as a strong indicator of a trend reversal, occurred at $0.00514 in 2017, leading to a price surge to $0.3. In 2024, Eric sees a pretty similar double bottom at $0.49929.
If this pattern holds true, XRP could reach $35.2, with more conservative estimates suggesting a peak by late 2025. XRP holders’ wet dream, no doubt.
Bear crab
XRP has been relatively stable lately, trading sideways and experiencing a 3% decline over seven days, despite the increased trading volumes.
Right now it’s ranked as the seventh largest digital asset with a market capitalization of $26.1 billion, but a price rally like in Eric’s prediction, could push XRP into the top three.
Of course, the decline in Bitcoin’s price could supress XRP in the short term. Yet, a report from Santiment highlights that the current low sentiment around XRP might offer a good buying opportunity for traders.
Rough way ahead
Unfortunately, many experts agree that despite the 2023 court decision that clarified XRP’s status as not being a security, even reaching the $1 mark won’t be easy.
The ruling’s impact has been clouded by subsequent legal debates, with some courts offering differing opinions.
The situation isn’t so clear. Ripple Labs CEO Brad Garlinghouse has dismissed reports questioning XRP’s status, repeating that both XRP and Bitcoin are confirmed not to be securities in the US.
If Eric’s predictions hold true, XRP could see a huge price increase, transforming its position in the cryptocurrency market.
Whether this will come to pass is still speculative, but the historical and technical indicators provide a hopeful outlook for XRP holders.
