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Following a week-long period of sideways movement, XRP has resumed its bullish trajectory gaining by 19.81% on Friday to reach a local peak of $1.84. During this price rally, market shares of the prominent altcoin rose to $104.96 billion, as it became the fifth-largest cryptocurrency brushing past Binance Coin (BNB).
Related Reading: Ripple CEO Reacts To Trump’s Billionaire Treasury Secretary Nominee
XRP Set To Reach $5, But Major Correction Awaits – Analyst
Amidst the high bullish sentiments in the XRP community, renowned analyst EGRAG Crypto has painted a potential price trajectory for the altcoin. According to EGRAG Crypto, if XRP’s current price gain is to mirror a previous pattern from 2017 where it experienced a major increase of over 1273%, the crypto asset is likely to trade as high as $5.2 – $5.3.
This prediction rallies with previous forecasts by analysts where the altcoin is tipped to reproduce its first major price explosion recorded in early 2017, following a 200% price surge in the last month. However, EGRAG’s version of this bullish prediction warns that XRP is likely to experience a 63% price decline following an ascent to above $5.
Albeit, the analyst highlights that this potential price fall to around $1.94-$1.96, a price range that is higher than the coin’s all-time high recorded in 2021 suggesting much possibility of a massive price rally in the coming bull run.
Nevertheless, EGRAG also warns that while XRP’s current price action is similar to 2017-2018, the timeline of the anticipated price surge will likely change. The analyst explains in a “SPACETIME thesis” that the digital coin may experience a similar level of percentage price gain but not within the same time frame as previously seen.
XRP Price Overview
At the time of writing, XRP trades at $1.84 reflecting a 19.81% gain as earlier stated. The token’s daily trading volume is also up by 143.48% indicating a high level of market interest.
In regards to short-term price movements, XRP has recently surpassed a major resistance zone at $1.76 setting the stage for a potential rally to the token’s current all-time high of $3.84.
This price trajectory seems quite plausible considering the consistently heightened bullish sentiments around the fifth-largest crypto asset following recent developments.
For example, former chairman of the US Commodities Futures and Trading Commission (CFTC) Chris Giancarlo has recently suggested the US Securities and Exchange Commission (SEC) is likely to drop its lawsuit against Ripple in line with the pro-crypto policy of US President-elect Donald Trump.
Developments such as this in addition to a potential spot ETF are likely to boost the demand for XRP as the crypto bull run prepares to take off.
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