How High Can XRP Price Go If It Repeats Its Previous 700% Rally?

XRP price has continued to stay in the red today, amid a broader crypto market downturn just after the White House Crypto Summit. However, despite the recently volatile move, experts remain optimistic about the long-term trajectory of the coin. A recent analysis suggests that the crypto could mirror its explosive 2017-2018 rally, which saw the coin skyrocket by over 700%. If history repeats, Ripple’s native asset could see a massive price surge, potentially reaching double-digit valuations.

XRP Price Target: Can It Repeat 700% Rally?

In a recent X post, renowned analyst EGRAG CRYPTO has highlighted two key price targets for XRP. He points to historical breakout patterns as a guide for future price action.

The first target sits at $9.7, derived from the midpoint of a triangle breakout pattern. The expert notes that traders should consider taking profits gradually at $8, $9, and $10 instead of waiting for an exact peak. This strategy could help investors secure gains without missing out on price movements.

Meanwhile, the second and more ambitious target is $27, based on XRP’s 2017 surge. During the 2017-18 cycle, XRP soared by 718% from a breakout of around $0.35-$0.39. Applying the same percentage gain to the current cycle’s local top of $3.4 gives a potential price point of $27 per coin.

While this target looks too ambitious, this projection underscores the potential of another massive rally.

Whale Activity Gains Momentum

This bold prediction by EGRAG CRYPTO comes as XRP whale activity has surged significantly over the past few days. In a recent X post, expert Ali Martinez highlighted the trend, saying that the crypto’s “whale activity has been consistently rising over the past three weeks.”

Notably, this indicates the growing participation of the market participants towards the XRP network. Although this could be due to the selling as well, it seems that more investors are entering the market given the recent market trends. Recently, Ripple whales moved nearly $6 billion coins, which has caught the eyes of the traders.

For context, the anticipation over a Ripple Vs SEC lawsuit conclusion has fueled market sentiment lately. On the other hand, the potential launch of XRP ETF in the US has further sparked hopes among traders. Besides, Ripple’s coin also reigned supreme against top cryptocurrencies like Bitcoin and Ethereum over the past few weeks, which indicates the growing market confidence towards the asset.

What Lies Ahead For XRP Price?

XRP price today was down 6% to $2.35, and its trading volume fell 13% to $8 billion. The crypto’s Futures Open Interest also fell 4% to $3.37 billion, reflecting the gloomy market sentiment. However, despite that, the experts maintained a bullish forecast for the asset.

Ripple’s crypto is consolidating within a symmetrical triangle, according to analyst Ali Martinez. A breakout from this pattern could spark a 23% price move, Martinez noted in a recent post.

Echoing a similar sentiment, expert CasiTrades pointed out that XRP is testing critical resistance at the $2.54 level. A breakout above this level could lead to further gains, with potential targets at $2.70 and $3.05. The expert also suggested that XRP may be in the early stages of Wave 3, a bullish pattern that could propel the price to $9.50. This target is aligned with the macro target range of $8-$13.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.