Ripples XRP Eyes Strong Move to $16, Repeating 2017 Surge But Theres A Surprising Catch
XRP experienced a dramatic surge last month, surpassing $3 for the first time since 2018 amid a broader rally in the cryptocurrency market.
This move saw XRPs 24-hour transaction volume soar by 127.7%, per Coinmarketcap data, signaling heightened investor interest. Notably, South Korean exchange Upbit reported a trading volume of $4.895 billion on Tuesday, with the XRP/KRW pair capturing a 22.2% market share, leading Bitcoin.
In a tweet, Santiment analysts attributed the resurgence to XRPs efficiency, low transaction costs, and potential for banking and cross-border payments. According to the firm, positive sentiment surrounding the token has been further fueled by former President Donald Trumps upcoming plans to introduce friendlier SEC regulations and clearer crypto token guidelines after his inauguration next week.
Additionally, speculation over the potential approval of an XRP Exchange-Traded Fund (ETF) has added to the bullish sentiment. Earlier last month, JPMorgan analysts estimated that Solana (SOL) and XRP ETFs could attract up to $14 billion in new investments, with XRP potentially drawing between $4 billion and $8 billion.
As the surge continues, many analysts are drawing comparisons to XRPs meteoric rise in 2017. On Wednesday, popular analyst Javon Marks highlighted that in 2017, XRP briefly faced resistance at the 1st Fibonacci level before surging to the 1.618 Fibonacci level.
As per the pundit, presently, the 1.618 Fibonacci level sits at $16.57, over 400% higher than XRPs current price, suggesting a major surge may be underway. A massive XRP surge can be commencing, Marks tweeted.
Notably, on December 30, the pundit had projected an even more ambitious price target of over $100, expecting a breakout move with a more than 45X increase from current levels, following a break above XRPs 2018 peak.
Meanwhile, analyst Cryptobull shared with his 155,000 X followers that XRP could surpass $20 in this bull cycle, reaching $13 within weeks. Based on Elliott Wave theory, the pundit pointed to the five-wave pattern that drove XRP from $0.002 to $3.84 in 2017, a 70,000% gain. He believes the current wave could propel XRP from $0.50 to as high as $26, yielding a 6,000% gain.
Elsewhere, Digital Asset Investor pointed out that Google search trends for XRP have seen more than double the interest over the past two months compared to the 2017 run, when the coin surged over 60,000% to reach its all-time high, suggesting a similar bull run could be underway.
However, analyst Alex Thorn offered a word of caution, noting that despite the surge, XRP has yet to surpass its 2018 all-time high of $3.31. Adjusting for inflation, Thorn stated that XRP would need to reach $4.24 to exceed its previous peak in 2018.
At press time, XRP was trading at $2.42, reflecting a 1.87% surge in the past 24 hours.
Text source: ZyCrypto
