XRP has emerged as a pivotal player in the cryptocurrency market, boasting an impressive surge of 23.21% over the past 24 hours. Over the last two weeks, this distinguished altcoin has demonstrated a remarkable 154% increase in its price. Now established as the sixth-largest cryptocurrency, XRP holds a formidable market capitalization of $89.82 billion. With such robust momentum and the early stages of a crypto bull market, many analysts are optimistic about XRP’s potential to achieve significant price milestones.
The Potential for XRP to Mirror 2017’s Historic Price Surge
In a recent post on November 22, a crypto analyst known as CryptoBull speculated that XRP might attain a price of $40 within the next three months if it replicates its notable price surge from 2017. According to data from CoinMarketCap, XRP soared from $0.006 to a peak of $0.33 in early 2017, marking a staggering 5,400% increase. Given its recent price trajectory, XRP could be amassing the momentum necessary to echo such a price movement during this anticipated crypto bull run, especially in light of recent developments.
One significant factor contributing to this bullish sentiment is the announcement by Gary Gensler, the Securities and Exchange Commission Chairman known for his anti-crypto stance, regarding his resignation effective January 20. This development has been positively received by XRP investors, considering the protracted regulatory battle between Ripple and the SEC. Gensler’s departure is seen as a potentially favorable turn of events for Ripple and XRP’s future.
Moreover, Gensler’s resignation aligns with the inauguration of Donald Trump, the incoming US President-Elect, who advocates a more crypto-friendly regulatory approach. XRP’s liberation from SEC scrutiny, coupled with the potential introduction of a spot ETF under Trump’s anticipated pro-crypto policies, further fuels the positive outlook for XRP’s profitability.
CryptoBull anticipates that if XRP echoes its early 2017 price explosion, the token could reach a price target of $1.96 in November, $6.30 in December, and an ambitious $40 in January.
Anticipated Price Resistance Levels in XRP’s Ascent
Although XRP shows substantial promise for reaching elevated price targets, CryptoBull forecasts that the token may encounter significant resistance at the $1.96 price threshold. Should buying pressure be strong enough to surpass this level, another formidable resistance is expected at $3.84, marking XRP’s existing all-time high price.
With the prevailing bullish sentiments in the market, XRP might successfully navigate these resistance levels. Nonetheless, it is essential to note that XRP’s Relative Strength Index is currently deep in the overbought territory (91.73), signaling a potential risk for a price correction.
As of this writing, XRP trades at $1.78, reflecting a substantial 79.57% increase over the past week. Additionally, the token’s daily trading volume has surged by 103.57%, reaching a total of $20.29 billion.
