Despite recent selling pressure due to market turbulence, analyst Egrag Crypto predicts a potential rally to $27 for XRP, citing historical patterns.
XRP price XRP $1.85 24h volatility: 1.1% Market cap: $111.90 B Vol. 24h: $1.37 B has been seeing some selling pressure recently amid the shakeout in Bitcoin and the broader crypto market last week. However, this hasn’t prevented analysts from giving bullish targets. EGRAG Crypto eyes a rally all the way to $27 as per the current technical setup for the XRP cryptocurrency.
In a recent X post, EGRAG Crypto predicted that XRP could hit $27 during this market cycle, as per the statistical chart patterns. Citing historical patterns, the analyst stated that when XRP first crossed the 21 Exponential Moving Average (EMA) in the 2-week time frame, it led to a massive rally in 2017, with the price surging by 50,000%.
Applying a similar analysis to the current market, EGRAG Crypto calculated that an XRP crossover to $27 would represent a 4,770% price increase, which is just 9.54% of the 2017 rally. The analyst expressed confidence that XRP could achieve this target, referencing the explosive move the coin experienced in 2017.
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Source: EGRAG Crypto
Despite the recent market turbulence, XRP bulls have managed to hold above the crucial support level of $2.0. The immediate resistance for XRP price on the upside is $2.65, crossing which it could stage a rally to its previous all-time high of $3.84 and beyond.
XRP Price ATH Coming with XRP ETF Approval?
Following Donald Trump’s victory in the US Elections 2024, market analysts have turned hopeful that Ripple will reach a final settlement with the US Securities and Exchange Commission (SEC). This could be a pivotal moment as it could mark the end of the four-year-long legal battle. Crypto market analysts have high hopes for upcoming US SEC Chair Paul Atkins.
The XRP price is already up by 300% since the Donald Trump victory with analysts eyeing further gains ahead. On the other hand, there’s been a growing demand for spot XRP ETF following the settlement of a lawsuit. Some of the top asset managers like Bitwise, Canary Capital, 21Shares, and WisdomTree have already filed for an XRP with the US SEC.
The approval could trigger a renewed interest pushing the XRP price to double digits and beyond. Furthermore, an XRP ETF will also pave the way for institutional participation in the XRP cryptocurrency.
Along with Bitcoin, several altcoins have come crashing down recently while finding support levels. While the market has turned jittery, analysts say that the altcoin season is not yet over and there could be a major rally ahead in 2025.
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