Renowned crypto analysts are optimistic about the future of Ripple (XRP) as they draw parallels from previous price levels that resulted in a staggering 63,000% price surge back in 2017.
Positive technical indicators, significant whale activity, and the possibility of favorable legal outcomes are all factors contributing to the bullish outlook for XRP.
While other major cryptocurrencies like Bitcoin, Ethereum, and Solana have seen notable price increases in recent weeks, XRP has experienced a 2% decline in the past month, deviating from the overall trend. Despite this setback, many experts and enthusiasts remain bullish on XRP, with some suggesting the potential for a massive rally similar to the one seen in 2017.
A prominent crypto trader, Javon Marks, expressed his confidence in XRP’s potential for success, highlighting the token’s resilience in maintaining a critical resistance zone over several months. This behavior has been likened to a “hidden bullish divergence setup,” reminiscent of the 2017 price surge.
Other analysts, such as Cryptoes and Mikybull Crypto, also support the positive sentiment surrounding XRP, noting that the token has been “respecting weekly support” and drawing comparisons to previous price surges in 2017 and 2020.
Technical analysis, particularly the Relative Strength Index (RSI), further supports the bullish outlook for XRP, indicating that the token still has room for growth. Additionally, significant whale activity, with XRP whales accumulating $299 million worth of tokens in a single day, suggests growing investor confidence and potential for massive returns.
Apart from technical analysis and market sentiment, a favorable legal outcome in Ripple’s ongoing battle with the SEC could also propel XRP’s price upwards. With three legal victories already secured in 2023, many believe that a positive ruling could trigger a significant price surge.
Currently trading at $0.5278, XRP has seen a modest 0.29% increase over the past day. With a combination of historical patterns, technical indicators, whale activity, and legal developments all pointing towards a potential price surge, the question remains whether XRP will repeat its past success with a 63,000% surge.