Renowned crypto analysts are optimistic about Ripple (XRP) as they draw parallels with previous price levels that resulted in a 63,000% price surge in 2017.
Favorable technical indicators, increased whale activity, and potential positive legal outcomes are paving the way for a bullish outcome for XRP.
While major cryptocurrencies like Bitcoin, Ethereum, and Solana have seen significant price increases in recent weeks, XRP has experienced a slight 2% decline in the past month, deviating from the trend. Despite this setback, many analysts and enthusiasts remain bullish on XRP, with some suggesting a potential 63,000% rally akin to 2017.
Prominent crypto trader Javon Marks expressed his confidence in XRP, noting the token’s resilience in maintaining crucial resistance levels, labeling it a “hidden bullish divergence setup.” This behavior is reminiscent of 2017 when XRP witnessed an unprecedented surge.
Analysts like Cryptoes and Mikybull Crypto also support the positive sentiment, emphasizing XRP’s adherence to weekly support levels. Drawing comparisons to historical price levels in 2017 and 2020, analysts believe XRP is on the verge of a significant price surge.
Technical analysis, particularly the Relative Strength Index (RSI), indicates a bullish trend for XRP. The RSI, which measures price movements, suggests that XRP still has room to grow, with the token’s RSI hovering below the 70 mark.
Furthermore, Ripple XRP’s whale activity has surged, with whales accumulating $299 million worth of tokens in a single day. This accumulation signals growing investor confidence and positions XRP for substantial returns.
In addition to technical analysis and market sentiment, a favorable legal outcome in the ongoing battle with the SEC could further boost XRP’s price. With three legal victories against the SEC in 2023, XRP enthusiasts believe that a positive ruling could trigger a significant price increase.
Currently trading at $0.5278, XRP has seen a 0.29% increase in the past day. With a combination of historical patterns, technical indicators, whale activity, and legal developments, XRP is poised for a potential price surge, raising the question of whether history will repeat itself with a 63,000% surge once again.