Leading crypto analysts are expressing optimism about Ripple (XRP), drawing parallels from previous price levels that resulted in a staggering 63,000% price surge in 2017.
Positive technical indicators, notable whale activity, and potential favorable legal outcomes are aligning to position XRP for a bullish trajectory.
While major cryptocurrencies like Bitcoin, Ethereum, and Solana have seen significant price increases recently, XRP has taken a different path with a 2% decline in the past month. Despite this, many in the crypto community remain bullish on XRP, with some analysts even foreseeing the potential for a massive 63,000% rally similar to what was witnessed in 2017.
Renowned crypto trader Javon Marks remarked, “If XRP hasn’t already made a name for itself, it certainly seems poised to do so now.” He highlighted XRP’s resilience in maintaining a crucial resistance zone for an extended period, labeling it as a “hidden bullish divergence setup.”
Echoing this sentiment, analysts like Cryptoes and Mikybull Crypto believe that XRP is on the verge of a significant uptrend, emphasizing that XRP has been consistently “respecting weekly support levels.”
Technical analysis, particularly the Relative Strength Index (RSI), indicates a bullish trend for XRP. The RSI, which measures the speed and magnitude of price movements, suggests that XRP still has room to grow as it has remained below the 70 mark, indicating a potential for further gains.
Additionally, Ripple 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 anticipation of significant returns.
Beyond technical analysis and market sentiment, the outcome of Ripple’s legal battle with the SEC could further propel XRP’s price. With three legal victories against the SEC in 2023, the possibility of a favorable ruling is seen as a catalyst for a substantial price surge.
Currently, XRP is trading at $0.5278, reflecting 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, prompting speculation of whether it will replicate the remarkable 63,000% surge seen in 2017.