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XRP Set for $5.3 as Analyst Says Even a 63% Drop Would Keep Price Above $1.96
XRP Set for $5.3 as Analyst Says Even a 63% Drop Would Keep Price Above $1.96
December 1, 2024
XRP
A market commentator expects XRP to soar to a new all-time high amid the ongoing rally, which resembles a repetition of the 2017 upsurge.
XRP is one of the biggest beneficiaries of the latest market rebound. In the past 24 hours, it has climbed over 24%, reaching $1.93. As a result, market watchers are optimistic about XRP’s potential for further gains, with some predicting a rally similar to the 2017 surge.
One such analyst is EGRAG, who recentlysuggestedthe possibility of XRP reaching $5.3 in the near term. The prediction stems from an analysis of XRP’s price movements since 2013, focusing on the symmetrical triangle pattern that has defined its long-term chart.
XRP’s Historical Symmetrical Triangles
The chart from EGRAG points out twosymmetrical triangleformations in XRP’s history. The first triangle spanned from December 2013 to March 2017.
During this period, XRP experienced a breakout that led to a staggering 287% increase in just one month. This breakout was a precursor to XRP’s meteoric rise, which culminated in a peak of $3.31 in January 2018.
XRP 1W Chart | EGRAG Crypto
The second triangle emerged after XRP’s decline from the $3.31 peak. This pattern has persisted for seven years. However, November 2024 has brought renewed optimism, as XRP has recorded a remarkable 270% gain this month. Analysts believe this surge could mark the beginning of a breakout similar to the one from 2017.
XRP Targets $5.3
EGRAG’s analysis suggested that if the current rally mirrorsthe 2017 breakout, XRP could see an astonishing 1,273% surge. The market analyst confirmed that this rally would push XRP’s price to approximately $5.3.
However, the projection comes with a caution. Just as the 2017 rally was followed by major corrections, a similar pattern could play out this time. EGRAG expects a potential 63% retracement after XRP reaches its peak. This would bring the price back to the $1.94–$1.96 range, aligning with XRP’s previous all-time high in 2021.
The analyst further stressed that while the price action closely resembles the 2017–2018 cycle, the timeline may differ. Notably, external factors, including market sentiment and regulatory developments, could influence the speed and trajectory of the rally.
Currently,XRP trades for $1.90, up 5% today. Its latest surge has seen it breach major resistance levels. The asset surpassed $1.63 and is now approaching its 2021 peak of $1.96. Market watchers expect XRP to easily claim the $2 price level once it clears the $1.96 resistance.
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