XRP Set for $5.3 as Analyst Says Even a 63% Drop Would Keep Price Above $1.96
A market commentator expects XRP to reach a new all-time high amid the ongoing rally, resembling the 2017 surge. XRP has benefited greatly from the recent market rebound, with a 24% increase in the past 24 hours, reaching $1.93. This has led to optimism among market watchers, who predict further gains and a rally similar to 2017.
One analyst, EGRAG, has suggested the possibility of XRP reaching $5.3 in the near future. This prediction is based on an analysis of XRP’s price movements since 2013, focusing on the symmetrical triangle pattern that has defined its long-term chart.
EGRAG’s chart highlights two symmetrical triangle formations in XRP’s history. The first triangle spanned from December 2013 to March 2017, during which XRP experienced a breakout resulting in a 287% increase in just one month. This breakout preceded XRP’s meteoric rise, peaking at $3.31 in January 2018.
The second triangle emerged after XRP’s decline from the $3.31 peak and has persisted for seven years. However, November 2024 has brought renewed optimism, with a remarkable 270% gain for XRP this month. Analysts believe this surge could signal the beginning of a breakout similar to 2017.
EGRAG’s analysis suggests that if the current rally mirrors the 2017 breakout, XRP could experience a surge of 1,273%, pushing its price to approximately $5.3. However, EGRAG also cautions that there could be a potential 63% retracement after XRP reaches its peak, bringing the price back to the $1.94-$1.96 range, aligning with XRP’s previous all-time high in 2021.
The analyst emphasizes that while the price action closely resembles the 2017-2018 cycle, the timeline may differ. External factors such as market sentiment and regulatory developments could influence the speed and trajectory of the rally.
Currently, XRP is trading at $1.90, up 5% today. Its recent surge has broken major resistance levels, surpassing $1.63 and approaching its 2021 peak of $1.96. Market watchers expect XRP to easily reach the $2 price level once it clears the $1.96 resistance.
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