YEREVAN (CoinChapter.com) — XRP, the controversial crypto token caught in a long legal battle with the US Securities and Exchange Commission (SEC), could see a massive rally. According to one analyst, the XRP price can surge to $10 in 2024.
Analyst Crypto Patel made the bold prediction on the social media platform X (formerly Twitter), leveraging historical performance and technical analysis as the basis for this forecast.
XRP price to breach former all-time high?
Patel particularly noted that during the last bull market, XRP did not perform as well as other cryptocurrencies, such as Bitcoin (BTC), which reached new highs. Instead, XRP struggled to surpass its 2017 peak of $3.30.
The analyst attributed this underperformance to Ripple’s legal battle with the SEC over XRP’s classification as a security. However, with the recent victory in the SEC case, Patel believes the conditions are ripe for a significant price surge.
He points to a similar triangle breakdown pattern observed in 2017, which preceded a significant price rally, suggesting a potential repeat could catapult XRP to $10 or beyond.
“Survived 2,291 (6+ Years) brutal bear days – this coiling pattern signals Ripple’s ready to ERUPT!… If 2017’s 40,000% pump repeats – we could see mind-blowing $10+ XRP,”
he wrote.
Patel’s analysis underscores the resilience of XRP despite a prolonged bear market, emphasizing the cryptocurrency’s consolidation within a triangular range over the past six years as a positive sign.
According to Patel, this pattern signals that Ripple is ready to erupt, with the price expected to rise to $0.90 following a breakout from the $0.40 to $0.50 range, and then potentially reaching new heights.
All eyes on XRP
Patel’s prediction that XRP can surge to $10 also factors in the broader crypto market dynamics, including XRP’s trading volume and its position relative to other leading cryptocurrencies.
Despite recent declines, XRP remains a significant player in the market, maintaining a substantial trading volume. In the past 24 hours, the altcoin’s trading volume amounts to $550 million.
While writing, XRP price hovers at $0.5072, according to today’s charts.
Boasting a market cap of 28 billion, it is ranked 7, just behind Bitcoin (BTC), Ethereum (ETH), and the largest stablecoins. The outcome of Ripple’s legal battles and potential for mass adoption, especially at the institutional level, can become key reasons why XRP can surge to $10 as anticipated by the analyst.
