XRP remains one of the current leaders in the cryptocurrency market, rising by 23.21% in the past 24 hours. Over the past two weeks, the prominent altcoin recorded a 154% price rise making it the sixth largest cryptocurrency with a market capitalization of $89.82 billion. With this current momentum and the cryptocurrency bull season still in its early stages, analysts remain very optimistic about XRP’s ability to reach higher price levels.
Can XRP repeat 2017’s historical price action?
in X Post on November 22An analyst with the username CryptoBull stated that XRP could trade at $40 over the next three months if the token reflects its first notable price rise since 2017.
Data from CoinMarketCap shows that XRP rose $0.006 to a market peak of $0.33 in early 2017, representing a 5,400% gain. Given its recent price surge, the altcoin may gain momentum to reproduce this price action in a highly anticipated bullish wave, especially given recent events.
Notably, notoriously anti-crypto SEC Chairman Gary Gensler recently announced his intention to resign on January 20, a move that largely lags behind the current bullish sentiment among XRP investors given the long-running regulatory battle between the commission and Ripple. In fact, Gensler’s decision to leave the SEC has been described as “the best thing” for Ripple, which holds significant weight for the future of XRP.
Gensler’s resignation coincides with the inauguration of cryptocurrency supporter US President-elect Donald Trump, who has promised to introduce a friendlier approach to regulating digital assets in the US. Aside from XRP finally being freed from SEC regulatory scrutiny, the potential introduction of an exchange-traded fund under Trump’s pro-crypto regime is also contributing to bullish sentiment on the profitability of the altcoin.
According to CryptoBull, if XRP follows its price explosion since early 2017, the token is expected to reach price targets of $1.96 in November, $6.30 in December, and $40 in January.
Price resistance levels in XRP dream rally
While XRP offers great potential for a high price target, CryptoBull He predicts The symbol will face major resistance at the $1.96 price area. If the buying pressure proves to be enough to surpass this level, the analyst expects XRP to face another resistance at $3.84 which represents the current all-time high for the token.
Given the current strong bullish sentiment in the market, the altcoin is likely to break through the marked resistance levels. However, the symbol’s RSI is still far into the overbought zone (91.73) indicating a high potential for a price pullback.
At the time of writing, XRP is still trading at $1.78, reflecting a 79.57% gain in the past week. At the same time, the daily trading volume of the currency increased by 103.57% and amounted to $20.29 billion.
Featured image from Trackinsight, chart from Tradingview