Following a week-long period of sideways movement, XRP has resumed its bullish trajectory gaining by 19.81% on Friday to succeed in an area peak of $1.84. During this price rally, market shares of the outstanding altcoin rose to $104.96 billion, because it became the fifth-largest cryptocurrency brushing past Binance Coin (BNB).
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XRP Set To Reach $5, But Major Correction Awaits – Analyst
Amidst the high bullish sentiments within the XRP community, renowned analyst EGRAG Crypto has painted a possible price trajectory for the altcoin. In response to EGRAG Crypto, if XRP’s current price gain is to mirror a previous pattern from 2017 where it experienced a significant increase of over 1273%, the crypto asset is prone to trade as high as $5.2 – $5.3.
This prediction rallies with previous forecasts by analysts where the altcoin is tipped to breed its first major price explosion recorded in early 2017, following a 200% price surge within the last month. Nevertheless, EGRAG’s version of this bullish prediction warns that XRP is prone to experience a 63% price decline following an ascent to above $5.
Albeit, the analyst highlights that this potential price fall to around $1.94-$1.96, a price range that’s higher than the coin’s all-time high recorded in 2021 suggesting much possibility of an enormous price rally in the approaching bull run.
Nevertheless, EGRAG also warns that while XRP’s current price motion is analogous to 2017-2018, the timeline of the anticipated price surge will likely change. The analyst explains in a “SPACETIME thesis” that the digital coin may experience the same level of percentage price gain but not inside the same time-frame as previously seen.
XRP Price Overview
On the time of writing, XRP trades at $1.84 reflecting a 19.81% gain as earlier stated. The token’s each day trading volume can be up by 143.48% indicating a high level of market interest.
With reference to short-term price movements, XRP has recently surpassed a significant resistance zone at $1.76 setting the stage for a possible rally to the token’s current all-time high of $3.84.
This price trajectory seems quite plausible considering the consistently heightened bullish sentiments across the fifth-largest crypto asset following recent developments.
For instance, former chairman of the US Commodities Futures and Trading Commission (CFTC) Chris Giancarlo has recently suggested the US Securities and Exchange Commission (SEC) is prone to drop its lawsuit against Ripple in keeping with the pro-crypto policy of US President-elect Donald Trump.
Developments equivalent to this along with a potential spot ETF are prone to boost the demand for XRP because the crypto bull run prepares to take off.
