Leading crypto analysts are optimistic about Ripple (XRP) as they draw parallels from previous price levels that resulted in a remarkable 63,000% surge in 2017.
Favorable technical indicators, increased whale activity, and potential positive legal outcomes are aligning to set XRP up for a bullish outlook.
While many major cryptocurrencies like Bitcoin, Ethereum, and Solana have seen significant price increases in recent weeks, XRP has taken a different path, experiencing a slight 2% decline over the past month. Despite this setback, there is still a strong bullish sentiment surrounding XRP, with some analysts suggesting the potential for a massive 63,000% rally similar to what was witnessed in 2017.
Renowned crypto trader Javon Marks expressed his confidence in XRP, noting the token’s resilience in maintaining a crucial resistance level for an extended period, which he referred to as a “hidden bullish divergence setup.”
This positive sentiment is also echoed by analysts like Cryptoes and Mikybull Crypto, who believe that XRP is on track for a significant price surge, noting its consistent adherence to weekly support levels.
Technical analysis, particularly the Relative Strength Index (RSI), further supports a bullish rally for XRP. The RSI, which measures price movement speed and change, indicates that XRP still has room to grow as it hovers below the 70 mark, suggesting a potential price increase.
In addition to technical indicators, XRP’s whale activity has surged, with whales accumulating a substantial $299 million worth of tokens in a single day. This accumulation signals growing investor confidence and positions XRP for potential significant returns.
Apart from technical and market factors, the outcome of the legal battle between Ripple and the SEC remains a key driver for XRP’s potential price surge. With Ripple securing three legal victories against the SEC in 2023, there is optimism that a favorable ruling could trigger a substantial price increase.
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, XRP is poised for a potential price surge, raising the question of whether history will repeat itself with a 63,000% surge.