As a seasoned researcher with over a decade of experience in the financial markets, I have seen my fair share of market surges and dips. The recent 23.21% rise in XRP within just 24 hours has caught my attention, particularly due to its striking resemblance to the 2017 bull run.
In simple terms, XRP is continuing to lead the charge in the cryptocurrency market, experiencing a 23.21% increase over the past day. Over the last fortnight, this significant altcoin has seen an impressive 154% rise in value, placing it as the sixth-largest digital currency with a market capitalization of $89.82 billion. With the crypto bull run just beginning, analysts are optimistic that XRP could reach high price points in the near future.
Can XRP Repeat 2017 Historical Price Movement?
On November 22nd, a user named CryptoBull, who is an analyst on X platform, predicted that the price of XRP might reach $40 within the next three months, assuming it follows a similar pattern to its significant price rise in 2017.
According to CoinMarketCap, XRP increased by $0.006 and reached a high of $0.33 at the start of 2017, marking a massive 5,400% surge. Given its current price surge, it’s possible that XRP could repeat this performance during the next significant crypto market boom, particularly given recent developments.
Notably, Gary Gensler, the well-known Chairman of the Securities and Exchange Commission who is often critical of cryptocurrencies, recently announced his plans to step down on January 20. This decision has sparked optimism among XRP investors due to the SEC’s ongoing regulatory disputes with Ripple. In essence, Gensler’s departure from the SEC is being seen as a positive development for Ripple, which could significantly impact XRP’s future prospects.
As a crypto investor, I find it intriguing that Gensler’s resignation aligns with the inauguration of President-Elect Donald Trump, who is known for his pro-crypto stance. This change in leadership could pave the way for a more accommodating regulatory environment towards digital assets in the US. With the SEC’s scrutiny over XRP potentially easing, and the possibility of a spot ETF being introduced under Trump’s administration, there’s an optimistic buzz surrounding altcoins like XRP, fueling the belief that their profitability could significantly improve.
Based on predictions by CryptoBull, if XRP mirrors its price surge from the beginning of 2017, the token could potentially reach a price point of $1.96 by November, $6.30 by December, and an impressive $40 by January.
Price Resistance Levels In XRP’s Dream Surge
As a crypto investor, I see great promise in XRP and anticipate a potentially high price target. However, I must caution that CryptoBull predicts the token to encounter substantial resistance around the $1.96 mark. If we manage to surpass this barrier with enough buying pressure, the analyst forecasts another resistance at $3.84 – a level which currently represents XRP’s all-time high price.
Given the strong optimism prevailing in the market right now, it’s possible that the altcoin will surpass the specified resistance points. But keep in mind, the token’s Relative Strength Index is quite high at 91.73, which suggests there could be a potential decrease in price due to being overbought.
Currently, XRP is being traded at approximately $1.78, marking an impressive 79.57% increase over the past week. Furthermore, its daily trading volume has surged by 103.57%, currently standing at a substantial $20.29 billion.
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2024-11-23 23:49