XRP Price Outlook Suggests It Could Exceed $5 During Current Bull Cycle
Analysts predict XRP could surpass the $5 mark as it mirrors patterns from the 2017 bull run, with insights into recent price behavior.
Ripple鈥檚 XRP has come into the spotlight yet again as analysts make comparisons to the market structure of 2017. Numerous price models indicate that XRP could potentially rise above the $5 mark in this cycle.
Despite a recent drop from local peaks, some long-term setups have remained steady.
Cycle-Based Models Indicate Strong Upsurge
Crypto analyst EGRAG CRYPTO shared a chart based on what he refers to as the “10% theory,” which utilizes the Gaussian Channel over a two-week span. In 2017, XRP experienced a staggering 3,700% gain. To date, this current cycle has seen approximately a 370% increase. If a final surge mirrors that percentage gain, his target aligns between $5.50 and $6.00.
EGRAG also challenged the notion that XRP is yielding diminished returns, referring to the 2021 cycle where XRP moved 1,700% from its lows to highs. He argued that achieving that level of growth again would place XRP above $5.
Chart Patterns Mirror 2017 Design
Chart analyst ChartNerdTA has displayed a long-term pattern signaling XRP navigating within a sizable ascending triangle. This formation is reminiscent of the scenario leading up to the breakout in 2017, which transpired once the price exceeded the triangle’s resistance.
$XRP: 2017 rinse repeat structure. PA is gearing up for a HUGE blow-off-top. Targets on this fractal coincide with a comparable FIB extension range to 2017, with the first level at $10 and the second at $27. Additional correlation with my other fractal FIB extensions leads to double-digit targets 馃幆 pic.twitter.com/RNyweESknZ
Insights on Trading and On-Chain Indicators
Market observer EtherNasyonaL noted that XRP maintains its structure, regardless of the difficulty to sustain above the $2.67 mark. The price dipped, while daily volumes reached $5.5 billion. Over the past week, XRP has increased by 7%, even with a 3% drop in the last 24 hours.
Futures open interest is hovering around $4.35 billion. However, on-chain data indicates wallets holding between 1 million to 10 million XRP have sold more than 140 million tokens during this price movement, suggesting profit-taking as market activity continues.
In summary, various indicators indicate a cautious optimism for XRP’s price trajectory in connection to established patterns from prior bull runs.
