Ripples XRP on Track for 63,000% Rapid Explosion Like in 2017 Analyst

XRP traded relatively quietly on Thursday following a strong performance on Wednesday, when it outperformed the broader cryptocurrency market, rising by 2.5%. The uptick came after CEO Brad Garlinghouse shared a photo of himself with the President-elect, sparking renewed interest in the crypto.

Notably, XRPs impressive performance over the past few months, especially in November when it surged roughly 300%, has reignited interest in the crypto asset, with analysts predicting even higher prices in the near future.

On Wednesday, popular analyst Charting Guy stated that XRP remains on track for a potential repeat of the extraordinary 63,000% surge it saw in 2017.

For those wondering, $XRP is still technically on track for 2017 if we manage to close the week in the green, the pundit remarked. His optimism was rooted in XRPs ability to recover earlier losses and the potential for a strong weekly candle close.

Notably, the 2017 XRP bull run remains one of the most significant in cryptocurrency history. At the start of 2017, XRP traded around $0.006, but by early January 2018, it had reached its all-time high of $3.84, marking an astonishing gain of nearly 64,000%. The rise was driven by intense market speculation and the euphoric atmosphere that characterized the cryptocurrency market then.

Meanwhile, earlier on Tuesday, veteran trader Peter Brandt weighed in on XRPs price potential, sharing his view that the current market conditions may indicate another significant rise.

Brandt pointed out the formation of a flag pattern, a technical indicator suggesting a temporary pause in an assets price before continuing the previous trend. According to Brandt, if the flag pattern is completed within six weeks, XRPs market capitalization could soar to $500 billion, nearly quadrupling its current valuation of $139.72 billion. However, he cautioned that the outlook could change dramatically if the pattern fails to materialize.

Beyond technical factors, analysts point to several other key drivers fueling XRPs surge. In a Wednesday interview with FOX Business, David Stryzewski, CEO of Sound Planning Group, disclosed that Bank of America now processes 100% of its internal transactions using Ripples technology. This revelation has sparked significant optimism within the XRP community, further solidifying the cryptocurrencys growing momentum.

Ripple is the second-largest coin, and before the SEC investigation, Ripple is going to be the track that everything runs on in the future, Stryzewski said. They even created their own stablecoin, and as I mentioned, Bank of America is doing 100% of its transactions with them.

Last Sunday, Ripple CEO Brad Garlinghouse expressed optimism about the Trump presidency, stating, 2025 is here, and the Trump bull market is real. He also highlighted Ripples renewed presence in the U.S., noting that 75% of the companys jobs have returned to the country, signaling a positive shift in crypto regulations.

Furthermore, with SEC Chairman Gary Gensler stepping down, there is anticipation within the crypto community that the XRP securities lawsuit and other crypto-related lawsuits may be dropped, which could boost XRP prices.

As of press time, XRP was trading at $2.42, reflecting a 2.38% drop over the past 24 hours.

Text source: ZyCrypto

Cryptocurrency