XRP To Hit $40 In 3 Months But On This Condition – Analyst
XRP remains one of the trailblazers in the current cryptocurrency market, rising by 23.21% in the past 24 hours. The famous altcoin’s price has increased by 154% in the past two weeks, making it the sixth-largest cryptocurrency with a market capitalization of $89.82 billion. Given the current momentum and the fact that the cryptocurrency bull run is still in its early stages, analysts remain highly bullish on XRP’s potential to reach high price levels.
Can XRP Repeat the Historical Price Movement of 2017?
in a Posted by X on November 22An analyst who goes by the username CryptoBull said that if XRP reflects its first significant price surge since 2017, the token could trade at $40 within the next three months.
According to data from CoinMarketCap, XRP rose by $0.006 in early 2017, reaching a market peak of $0.33, an increase of 5,400%. Given the recent price gains, altcoins may be gathering momentum to repeat this price action in the much-anticipated cryptocurrency bull run, especially in light of recent events.
Most notably, popular anti-crypto SEC Chairman Gary Gensler recently announced He intends to resign on January 20, a move that largely reflects the current bullish sentiment among XRP investors given the Commission’s long-running regulatory battle with Ripple. In fact, Gensler’s decision to leave the SEC has been described as the “best thing” for Ripple, which has important implications for the future of XRP.
Gensler’s resignation coincides with the inauguration of pro-cryptocurrency incoming U.S. President-elect Donald Trump, who has promised to introduce a friendlier approach to digital asset regulation in the United States. In addition to XRP finally emerging from SEC regulatory scrutiny, there is also the possibility of introducing Spot ETFs This has also fueled bullish sentiment on altcoin profitability amid Trump’s pro-crypto regime.
According to CryptoBull, if XRP prices exploded starting in early 2017, the coin is expected to reach target prices of $1.96 in November, $6.30 in December, and $40 in January.
Price Resistance Levels Amid XRP Dream Surge
While XRP has high target price potential, CryptoBull predict The coin is facing significant resistance at the $1.96 price area. If buying pressure proves enough to break above this level, analysts expect XRP to face another resistance level at $3.84, which represents the coin’s current all-time high price.
Given the current strong bullish sentiment in the market, the altcoin may break out of these prominent resistance levels. However, the coin’s relative strength index remains far from overbought territory (91.73), indicating significant potential for a price correction.
As of this writing, XRP continues to trade at $1.78, up 79.57% over the past week. At the same time, the token’s daily trading volume increased by 103.57% and is worth $20.29 billion.
Featured images from Trackinsight, charts from Tradingview
