Despite a 10% drop in XRP’s value to $0.40, cryptocurrency analysts are optimistic about a potential upswing based on historical trends from 2017.
A staunch supporter of XRP, lawyer Bill Morgan, has taken advantage of the recent price decline by purchasing more XRP at slightly above $0.40 and plans to acquire more if it falls to $0.375.
While the overall market experiences a correction, Ripple’s XRP has also seen a 10% decrease, reaching $0.40 at the time of writing. XRP has faced weekly losses of almost 15%, as reported by Crypto News Flash.
Despite the recent downturn, investors are making positive predictions for XRP’s future price movements. Drawing from past data, many crypto analysts anticipate a surge in the coming months. One analyst, MikybullCrypto, points out that the current price pattern resembles that of 2017, suggesting a potential significant rally ahead.
Another analyst, Tylie Eric, echoes this sentiment, noting similarities between the cyclical patterns of 2017 and the current market trend. Eric expresses confidence in an upcoming price spike on his X page.
In 2017, XRP experienced a remarkable 1400% surge, outperforming Bitcoin over the same period. If history repeats itself, XRP’s price could reach as high as $35, given the double bottom pattern that pushed prices to $0.30.
For this upward trend to continue, XRP’s price must remain above $0.50 to trigger the next bull run. As per the CNF update, the immediate target for XRP is $0.95.
Pro-XRP advocate Bill Morgan sees the recent price drop as an opportunity to buy more XRP, showcasing his optimism for the future of the cryptocurrency. His actions and statements are sparking conversations about potential strategies to capitalize on XRP’s current volatility.
Revealing his recent purchase of XRP above $0.40 on the X platform, Morgan remains unfazed by the market dip and hints at further buying if the price drops to $0.375. This strategic approach has garnered support from followers who see it as a smart move to benefit from possible future gains.
Meanwhile, the ongoing legal battle between Ripple and the SEC has taken a new turn following a decision on Binance’s BNB sales. This development has reignited debates between the two parties, as reported by CNF.