With recent moves, XRP price is again on investors’ radar, and many are drawing parallels with the virtual monster rally of 2017-2018 when the value of XRP surged as high as 57,000%.

Could we be at the threshold of another great upsurge?

XRP Price Déjà Vu: Is Another 57,000% Surge Coming?

In 2017, one XRP was trading for a fraction of a cent. At the beginning of 2018, it shot up as high as $3.31. Driving this upward trajectory was a mix of speculation in the market, growing adoption, and the larger cryptocurrency market boom. It thus yielded phenomenal returns to early investors.

Looking at it today – the XRP price again looks pretty promising. Analysts say today’s current market conditions are similar to the bull rally from 2017 into 2018.

XRP has achieved record lows in volatility – a common predecessor to some of the major price shifts. Even the technical signals have relayed that another big breakout may occur, such as the tightening of Bollinger Bands.

Popular cryptocurrency expert and trader Javon Marks, therefore, claims that XRP is currently depicting action much similar to its movement just before its giant 57,000% climb in 2017-2018, and he feels this price could be on the verge of another major upside to levels not seen in the last 6-7 years.

Credit: X.com

Analyst Predicts $22 Trillion Market Cap

XRP, for instance, reached its narrowest Bollinger Band Width (BBW) during the 2016-2017 session when the price consolidation was very tight in the range between $0.0050 and $0.0090. This consolidation was then followed by a wide upside break of 66,000%. Monthly volatility then rose from 66.50 to an incredible 982.22.

Credit: TradingView

This consolidation phase of XRP has already fared longer than the one realized in the 2016-2017 period, even at lower monthly volatility. Therefore, some experts have resulted in believing that there would be a strong price breakout anytime soon, Analyst Tony Severino, for example, claims XRP monthly Bollinger Bands are tighter than before the historic 60,000% rally that ended in early 2018.

Even David Schwartz, Ripple’s Chief Technology Officer (CTO), recently highlighted the strong long-run performance of XRP since its inception seven years ago when XRP price had rocketed by 1500%.

In light of the resurgence of XRP, prominent cryptocurrency analyst JackTheRippler shared his highly optimistic projection for the coin’s market capitalization. He projects the market capitalization of Ripple could surge drastically within the next two years to usher in more enthusiasm among investors.

Credit: X.com

He also predicted that the market capitalization of XRP would increase to a staggering $4.897 trillion before correcting. Once that is done, he expects the token’s market capitalization to grow over the long term and rise to more than $22 trillion.

Ripple’s XRP: Primed for a Breakout in 2025?

Several factors can come together to make this huge jump in the XRP price. First, the case put up by Ripple against the SEC was very high-profile, and the favorable ruling greatly boosted investor confidence and, in turn, demand for XRP. Second, strong adoption by traditional financial institutions provides a sound bedrock for further growth.

On a more conceptual basis, fundamental upside for XRP might materialize from several possible narratives, such as crypto-friendly regulations in the United States following the re-election of Donald Trump, which could be possible if it’s to believe to Polymarket and Robert Kiyosaki.

However, an XRP breakout may take time, with the probable move happening around August 2025, when its triangle’s upper and lower trendlines converge.

For now, any sharp drop below the lower trendline could invalidate the long-term bullish setting for the coin’s price. Also, the general sentiment for the cryptocurrency market is very bullish, and investors are looking for their next big opportunity. Be it as it may, predicting the future of any cryptocurrency is extremely hazardous, but the signs for a possible resurgence of XRP are looking very good.

At the time of writing, the seventh cryptocurrency asset by market capitalization traded at $0.62. Even though the coin’s price is down by 1.41% in the last 24 hours, it has recorded a weekly price gain of almost 6%.  Over the past 24 hours, XRP’s trading volume has surpassed $1.53 billion.

The post Could XRP Price Reach $10 If Ripple Rallies Like It Did in 2018? appeared first on CoinGape.

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Filed under: News - @ October 1, 2024 5:28 pm