- An Analyst has predicted that XRP could make an 8 to 10x surge in its next rally to hit $6.20.
- According to the analyst, XRP always tends to relax at the initial stage of an overall market rally, then break out when the general market is calm.
XRP currently remains one of the most undervalued coins in the crypto market as its price has consistently remained under $1 for some time now. Since hitting an all-time high price of $3.5 in late 2017, XRP has failed to breach that resistance level even when top cryptos set new all-time high records in 2021. However, analysts think that the asset could be pardoned on the grounds that Ripple underwent a multiple-year legal showdown with the US Securities and Exchange Commission, forcing major exchanges to delist it.
Investors had higher hopes that XRP could stage a bounce back after it gained partial victory and became the second crypto behind Bitcoin to have regulatory clarity. Unfortunately, the bullish run only lasted for a short time as it began falling marginally down the price curve.
As of press time, XRP was trading at $0.640928 after surging by 2.77% in the last 24 hours. On top of that, the asset has made a mere 20.48% run in the past three months, adding $0.108958 to its previous price. Its weekly return on investment is also positive with a 4% gain.
A market expert identified as JD has made an interesting analysis of the XRP price. According to him, XRP tends to show pace after most of the crypto assets have staged their bull runs as witnessed in 2015. This means the asset ends up pumping much later than the other cryptos.
More on the XRP Analysis
Highlighting the similarities between the XRP market in 2017 and the current cycle, JD stated that XRP in the past lagged behind other assets initially, forcing investors to liquidate their assets to invest in the best-performing ones. When this happens, they end up missing out on the XRP breakout.
JD believes that the current cycle is repeating the previous market situations as XRP has not made any meaningful move from the overall market surge from October. Assets like Solana have surged by 418% in the last three months to trade at $103.32. According to market experts, frustrated investors are forced to give up on XRP, echoing the sentiment observed in 2017.
While this comparison appears to be on point, market participants are still doubtful about the possibility of the asset replicating the 600X price growth recorded in 2017. According to JD, technical indicators provide a hint for an 8 to 10x increase in the asset’s value. This projected growth positions XRP at hitting $6.21.
While addressing his follower’s query to buy XRP at this time, he calmly said; I’m buying more during the fear brotha.. loaded up at 0.28.. 0.33, 0.45.. and 0.59 during fear… Patience is key.
Currently, XRP is reported to have an uncertain outlook since it has formed a symmetrical triangle pattern from July 2023. The RSI which is at 50 provides a neutral trend. When it surges above its triangle, the price target could be $0.82 as its resistance level. A whale is also reported to have recently accumulated 360 million XRP pending the potential rally.
