- Experts predict a 2017-style rally for XRP, with bullish chart formations and a potential Ripple-SEC settlement driving optimism.
- XRP’s recent price movements indicate potential for significant growth, with the crypto community setting a $5 target.
XRP has experienced fluctuations in its price, struggling despite Ripple securing multiple partial victories against the United States Securities and Exchange Commission (SEC) over the past year.
Despite this, bullish formations on the chart and multiple predictions indicate that XRP’s price is set to reach a new all-time high. The crypto community is speculating about a potential Ripple-SEC case settlement, which could drive further price increases.
However, there is no concrete evidence to support this speculation, and it might turn out to be a classic “sell-the-news” event.
Chart analysis and expert predictions
A crypto analyst recently tweeted,
“According to the $XRPBTC chart, this $XRP-related rally JUST began. A 2017-style melt-up is coming soon, yet you wouldn’t believe me.”
This statement has sparked interest within the crypto community, with many supporting a $5 target for XRP.
Historically, XRP experienced a sharp spike in early 2017, followed by fluctuations but maintained a generally stable trend until early 2021.
Recently, from late 2023 into 2024, there has been a notable surge in the price, suggesting a significant rise in the coming period.
Another prominent figure on X, Rarara, mentioned,
“Golden cross on weekly $XRP chart! RSI looking real good too at around 44.31. If we keep this momentum, it’s about to take off to the MOON. Even better that #Ripple might be finally close to a settlement with the #SEC based on recent news.”
This optimism was further fueled by recent whale activity, with large transfers of XRP from Binance to unknown wallets, signaling potential accumulation by major investors.
XRP traded at $0.6092 at press time, with a 24-hour trading volume of $2,258,898,768. This represents a 0.42% price decline in the last 24 hours.
This recent price movement is viewed as a positive sign by many in the crypto community, indicating potential for future growth.
Prospects of an XRP ETF
According to a previous AMBCrypto report, Ripple CEO Brad Garlinghouse have hinted at the possibility of an XRP ETF launching in the U.S. by 2025. This speculation has generated excitement within the crypto community.
The anticipation of an XRP ETF adds another layer of optimism for XRP’s future price performance. Investors are hopeful that this development will bring more legitimacy and stability to XRP, further boosting its price.
Moreover, the XRP liquidations chart from late January to late July shows a fluctuating trend in both long and short liquidations. Significant spikes in long liquidations occurred in mid-February and mid-April, corresponding with notable price movements.
Source: Coinglass
Short liquidations saw a considerable increase in early July, coinciding with a rising XRP price. This trend suggests that market participants are reacting strongly to price changes, contributing to the overall volatility.
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