Although the crypto has struggled over the last several months, Ripple is looking to mirror one 2017 pattern that could have XRP targeting a monumental surge to $27. The optimist forecast is rooted in the potential for the token to repeat its most successful price movement.
The asset’s past movements have shown that Ripple could be nearing a breakout. Specifically, the token could be ready to breakout of an ongoing consolidation phase. If it does, there is hope from traders that an all-time high mark could very well be in its future.
Also Read: Ripple: Top Analysts Predict XRP Price For End of 2024
XRP Eyeing Unprecedented Price Amid Historical Pattern
Few cryptocurrencies had the kind of potential that Ripple had entering 2024. A large part of that was the expected end to its US Securities and Exchange Commission (SEC) lawsuit. That settlement has taken place, but XRP has yet to skyrocket the way many had hoped.
Over the last 30 days, the token has fallen more than 5%, according to CoinMarketCap. Moreover, with a 4% decrease over the last seven days, its $0.57 price is indicative of continued consolidation. That may be prepared to change in a big way, however.
According to cryptocurrency analyst Egrag Crypto, Ripple could be set to mirror a 2017 pattern that has XRP targeting a $27 surge. Although that is certainly optimistic, it is rooted in fact. The asset would only have to repeat one of its most successful spells.
Also Read: Ripple XRP Predicted To Hit $7: Here’s When
“The Fib channel is an amazing leading indicator,” the user said in a post to X (formerly Twitter). “If XRP experiences half of its 2017 pump, it could reach the 0.618 Fibonacci level. This puts the target around $27,” they added.
The analyst also noted that this would cause the “gate to swing open,” for the crypto. A valid question to ask, then, is whether or not such a surge is possible. It certainly may be, but its probability is the more apt word.
In order for such a surge to take place, XRP would have to surpass the crucial $0.75 level, as the user said. It could happen with enough bullish momentum and increased buying pressure. However, the unreliability of historical patterns does dampen the prediction a bit. Still, XRP could be headed toward a notable surge upward, following its recent flat performance.
