XRP has been experiencing sideways trading recently, down from its daily highs. However, analysts continue to see potential for the crypto which is valued at $0.6002 during this press. This represents a 0.16% price decline in the last 24 hours but a 5.52% price increase over the past seven days. Notably, analysts like MackAttackXRP believe there could be another significant bull run ahead, especially when considering the trends from XRP’s previous performance.
Historical Context: 2017 XRP Bull Run
During the 2017 bull run, XRP witnessed one of the largest percentage increases among major cryptocurrencies. Starting from around $0.005, XRP peaked at $3.84, a rise of over 76,000%. The surge was driven by broad market enthusiasm as well as developments within Ripple, including partnerships and the potential of its technology for cross-border payments.
MackAttackXRP has suggested that a similar run in 2024 or 2025 could bring XRP to new heights. According to his calculations, if XRP were to increase by 76,000% again, starting at $0.60, the price could theoretically reach $456. This comparison draws on historical data and market sentiment to suggest that non-holders of XRP may miss out on potential gains. He also says that predictions for 2024 range from a conservative increase to potentially reaching or surpassing $1, $3.84, $13 or $133. However, this depends on various factors like market adoption.
Current Sentiment and Projections for 2024
The sentiment on social media, especially on X (formerly Twitter), is that XRP may be poised for another bull run. Users have highlighted XRP’s historical performance and the significance of regulatory clarity following Ripple’s legal battle with the SEC. This has led to optimism about XRP’s future trajectory.
Another analyst, Amonyx, has projected a price of $50 or more, aligning with a potential 11,000% increase from its current levels. This price projection is based on a long-term analysis, showing XRP’s price action within a parabolic growth channel, which has contained XRP’s movements since 2014.
Indicators from Parabolic Growth Channel
The chart analysis shows XRP’s price within two curved trendlines that suggest a long-term parabolic growth pattern. The lower trendline represents a support level that has been tested multiple times since 2014. The upper trendline marks a potential resistance level, indicating where XRP might head in the future.
XRP Eyes $0.92 Amid Growing Whale Activity & Positive Market Sentiment
The price target near $57 aligns with an 11,000% increase from the current price level. Historical trends, especially the sharp upward movements in 2017 and early 2021, suggest that XRP could be on the verge of another rally. However, the timeline for this increase points to a potential breakout within the next 56 days, corresponding to approximately eight weekly bars on the chart.
