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Crypto analyst Galaxy has drawn similarities between the current XRP price action and the 2017 bull run, when the altcoin recorded significant gains. He predicts the altcoin could soon rally to double digits, mirroring the 2017 rally. XRP Price To Rally To Double Digits As It Mirrors 2017 Rally
In an X post, Galaxy indicated that the XRP price could rally to double digits as it mirrors the 2017 rally. He stated that XRP is almost perfectly following the breakout patternof 2017 after 6 years of consolidation. The analyst added that the longer the consolidation, the bigger the price move. Related Reading Is The XRP Price Mirroring The 2017 Rally? Analyst Points Out Similarities 7 hours ago
His accompanying chart showed that the XRP pricecould rally to almost $40 on this breakout. The analyst seems convinced that the altcoin could witness such a parabolic move, considering that XRP surged by 61,000% in 280 days in 2017. The chart also showed that the altcoin will likely reach this target sometime next year. Source: Galaxy on X
Crypto analyst Egrag Crypto has also stated that he expects the XRP price to reach between $27 and $33 in this market cycle. He believes that a repeat of the 2017 historical performance makes these price targets achievable for the altcoin. The analyst has also alluded to factors such as the XRP ETFsand Ripple’s expansion as factors that could drive this price surge.
Meanwhile, crypto veteran Raoul Palalso affirmed that the XRP price has enough room to rally to the upside from its current level. He highlighted a bull flag that had formed for the altcoin, following its consolidation phase after last year’s rally. The veteran expects XRP to witness a bullish continuation after this consolidation phase, possibly rallying to as high as $5. This would mark a new all-time high (ATH) for the token. The Altcoin In A Bullish Phase
Crypto analyst CobraVanguard asserted that the XRP price is in a bullish phase, while highlighting a falling wedge patternthat was forming for the altcoin. He remarked that this pattern indicates the altcoin’s potential to reach $3. However, the analyst warned that this setup could be invalidated if the wedge pattern is broken downwards with the strength of bearish candles. Related Reading XRP Price Explosion To $5.9: Current Consolidation Won’t Stop XRP From Growing 5 days ago
Meanwhile, crypto analyst Dark Defendernoted that the XRP price is currently in Wave B of its Wave 2 corrective move. He predicts that the altcoin could rally to its current all-time high once the B and C waves are completed in this corrective wave. The analyst is also confident that the altcoin can rally to double digits in the long term. He once predicted that the altcoin could reach $18 based on his Elliott Wave Theory analysis.
At the time of writing, the XRP price is trading at around $2.38, up in the last 24 hours, according to datafrom CoinMarketCap. XRP trading at $2.3 on the 1D chart | Source: XRPUSDT on Tradingview.com Featured image from iStock, chart from Tradingview.com