XRP has been a hot topic in the crypto world recently, especially after Ripple’s partial legal win against the SEC in July.
Analysts have been sharing their views on XRP’s future, with many foreseeing a positive price trend for the cryptocurrency.
In the latest update, a crypto analyst known as EGRAG CRYPTO on X suggests that XRP might experience substantial growth in 2024. This prediction is based on historical price data.
Could XRP See Another Price Rally in 2024?
In a post dated September 12, EGRAG CRYPTO expressed a very positive outlook for XRP, describing it as having “incredible potential.” The analyst’s optimistic forecast hinges on data obtained from XRP’s chart on Tradingview, indicating the potential for a significant 2500% market gain in 2024.
EGRAG CRYPTO’s bullish prediction for XRP is rooted in the cryptocurrency’s historical price performance. Notably, between 2016 and 2018, XRP experienced a robust upward trend, marked by the formation of a symmetrical triangle pattern. This pattern has reappeared on XRP’s monthly chart, serving as a basis for the optimistic outlook.
#XRP Only 2500%:
If you can't see the incredible potential of #XRP in the chart below, especially when breaking through MYTL, then I'm afraid there's little more I can do to convince you.#XRPArmy STAY STEADY and do not forget that we have clarity for GOD's sake. pic.twitter.com/S1097h4ujS
— EGRAG CRYPTO (@egragcrypto) September 12, 2023
The symmetrical triangle chart pattern is a consolidation phase that can lead to either a significant price breakout or a breakdown. If the optimistic prediction holds true, XRP might undergo a similar price surge as it has in the past.
In alignment with EGRAG CRYPTO’s forecast, Sharon Thorp, a crypto analyst and business development executive at Wells Fargo, has recently projected that XRP could reach a price of $500 by 2027. This prediction is grounded in the expected expansion of the cross-border payment industry, which is predicted to reach a staggering $250 trillion in value by 2027.
However, it’s essential to note that these predictions, while inspiring for the XRP community, are individual speculations and should not be regarded as financial advice.
Struggles Before Success?
While optimism exists about XRP’s potential adoption in the future, some analysts are cautious about its performance for the rest of 2023. Jungle Inc 2.0, a prominent XRP analyst, suggests that the remainder of 2023 might bring challenges for XRP and the broader crypto market. This prediction is linked to anticipated economic difficulties, including rising interest rates set by the US Federal Reserve.
It’s important to note that Ripple is still in a legal battle with the SEC. The regulatory agency has recently requested the court’s approval to appeal the latest ruling in its case against Ripple.
XRP trading at $0.4830 on the hourly chart | Source: XRPUSDT chart on Tradingview.com
As of the current moment, XRP is trading at $0.4805, experiencing a 4.32% decrease over the past week. Nevertheless, it maintains its position as the fifth-largest cryptocurrency, with a market cap of $25.46 billion.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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