XRP remains one of the current pioneers in the crypto market, rising 23.21% in the past 24 hours. Over the past two weeks, the prominent altcoin has posted a 154% price gain, becoming the sixth largest cryptocurrency with a market capitalization of $89.82 billion. With this current momentum and the crypto bull season still in its early stages, analysts remain highly optimistic about XRP’s potential to reach lofty price levels.
Can XRP repeat the historic price movement of 2017?
In one X post on November 22an analyst with the username CryptoBull stated that XRP could trade at $40 in the next three months if the token reflects the first prominent price increase of 2017.
Data from CoinMarketCap shows that XRP rose $0.006 to a market peak of $0.33 in early 2017, marking a 5,400% gain. Given the recent price surge, the altcoin could gain momentum to reproduce such a price move in a long-awaited crypto bull run, especially given recent events.
Notably, popular anti-crypto Securities and Exchange Commission Chairman Gary Gensler recently announced his intention to resign on January 20, a move that is largely behind the current bullish sentiment among Commission with Ripple. In fact, Gensler’s decision to leave the SEC has been described as the “best” for Ripple, which carries significant weight for the future of XRP.
Gensler’s resignation coincides with the inauguration of the new pro-crypto incoming US President Donald Trump, who has promised to introduce a friendlier approach to the regulation of digital assets in the US. Aside from XRP finally being free from SEC scrutiny, the potential introduction of a spot ETF under Trump’s pro-crypto regime is also adding to bullish sentiments on the altcoin’s profitability.
According to CryptoBull, if XRP follows the price explosion of early 2017, it is expected to reach a price target of $1.96 in November, $6.30 in December and $40 in January.
Price resistance levels in XRP’s dream wave
While XRP offers a lot of potential for a high price target, CryptoBull predicts the mark facing significant resistance in the $1.96 price region. If buying pressure proves sufficient to exceed this level, the analyst expects XRP to encounter resistance again at $3.84, which represents the token’s current all-time high.
Given the current robust bullish sentiments in the market, the altcoin is likely to push past these highlighted resistance levels. However, the token’s Relative Strength Index remains well within the overbought zone (91.73), indicating significant potential for a price decline.
At the time of writing, XRP continues to trade at $1.78, reflecting a gain of 79.57% in the past week. Meanwhile, the token’s daily trading volume has increased by 103.57% and is valued at $20.29 billion.
Featured image from Trackinsight, chart from Tradingview