XRP remains one of the current pioneers in the cryptocurrency market, rising by 23.21% in the last 24 hours. Over the past two weeks, the leading altcoin has seen a 154% price enhance, becoming the sixth-largest cryptocurrency with a market capitalization of $89.82 billion. Given the current momentum and the cryptocurrency bull season still in its early stages, analysts remain very hopeful about XRP’s potential to reach high price levels.
Can XRP Repeat 2017’s Historic Price Movement?
In Post X from November 22an analyst with the username CryptoBull stated that XRP could trade at a price of $40 within the next three months if the token reflects the first significant price enhance of 2017.
Data from CoinMarketCap shows that XRP rose by $0.006 to reach a market high of $0.33 in early 2017, an enhance of 5,400%. Given the recent price surge, the altcoin may be gaining momentum to replicate such price movement in the long-awaited cryptocurrency bull run, especially considering recent events.
Most notably, popular Securities and Exchange Commission Chairman Gary Gensler recently announced his intention to resign on January 20, which is largely due to the current bullish sentiment among XRP investors given the Commission’s long-running regulatory battle with Ripple. In fact, Gensler’s decision to leave the SEC has been described as the “best thing” for Ripple, which has huge implications for the future of XRP.
Gensler’s resignation coincides with the inauguration of pro-crypto fresh US President-elect Donald Trump, who has promised to introduce a friendlier approach to regulating digital assets in the US. In addition to XRP finally breaking free from SEC regulatory scrutiny, the potential launch of a spot ETF under Trump’s pro-crypto regime is also contributing to bullish sentiment regarding the altcoin’s yield.
According to CryptoBull, if XRP follows the price explosion of early 2017, the token is expected to reach price targets of $1.96 in November, $6.30 in December and $40 in January.
Price resistance levels during XRP’s dream rally
While XRP has a lot of potential for a high price target, CryptoBull predicts the token will face significant resistance at the $1.96 price region. If buying pressure proves sufficient to break above this level, the analyst expects XRP to encounter next resistance at $3.84, which is the token’s current all-time high price.
Given the current robust bullish market sentiment, the altcoin is likely to break above these highlighted resistance levels. However, the token’s relative strength index remains well in the overbought zone (91.73), indicating significant downside potential.
As of this writing, XRP is still trading at $1.78, reflecting a 79.57% gain in the past week. Meanwhile, the token’s daily trading volume increased by 103.57% and was valued at $20.29 billion.
Featured image from Trackinsight, chart from Tradingview
