Leading crypto analysts are optimistic about Ripple (XRP) as they draw parallels from previous price levels that resulted in a remarkable 63,000% price surge back in 2017.
Promising technical signals, notable whale activity, and potential favorable legal outcomes are positioning XRP for a bullish future.
While major cryptocurrencies like Bitcoin, Ethereum, and Solana have seen significant price increases in recent weeks, XRP has taken a different path with a 2% decline in the last month. Despite this setback, many experts remain bullish on XRP, with one analyst even suggesting the potential for a 63,000% rally similar to that of 2017.
Renowned crypto trader Javon Marks expressed his confidence in XRP, stating, “If XRP hasn’t made a mark yet, it seems poised to do so now.” Marks highlighted XRP’s ability to hold critical resistance levels for an extended period, labeling it as a “hidden bullish divergence setup.”
Echoing this sentiment, analysts like Cryptoes and Mikybull Crypto believe that XRP is on the cusp of a significant price surge, noting the token’s adherence to weekly support levels. Historical data from 2017 and 2020 also indicate that XRP is primed for a bullish trend.
Technical analysis, specifically the Relative Strength Index (RSI), further supports the bullish outlook for XRP. With the RSI hovering below the 70 mark, there is room for further growth, suggesting that XRP may be gearing up for a rally.
In addition to technical factors, a surge in whale activity, with XRP whales accumulating $299 million worth of tokens in a single day, adds to the positive sentiment surrounding Ripple XRP.
The ongoing legal battle between Ripple and the SEC is another significant factor driving XRP’s potential for a price surge. With three legal victories in 2023, there is growing optimism that a favorable ruling could lead to a substantial increase in XRP’s value.
Currently trading at $0.5278, XRP has seen a 0.29% increase over the past day. With a combination of historical patterns, technical indicators, whale activity, and legal developments in its favor, XRP is poised for a potential price surge.
The question remains whether history will repeat itself, and if XRP will see another massive surge reminiscent of the 63,000% increase in 2017.