XRP To Hit $40 In 3 Months But On This Condition Analyst
XRP remains one of the crypto markets current trailblazers rising by 23.21% in the past 24 hours. Over the last two weeks, the prominent altcoin has recorded a 154% price gain establishing itself as the sixth-largest cryptocurrency with a market cap of $89.82 billion. With this current momentum and the crypto bull season still in its early stages, analysts remain highly bullish on XRPs potential to reach lofty price levels.
Can XRP Repeat 2017 Historical Price Movement?
In an X post on November 22, an analyst with the username CryptoBull stated that XRP could trade at $40 over the next three months if the token mirrors its first prominent price surge from 2017.
Data from CoinMarketCap shows that XRP rose $0.006 to a market peak of $0.33 in early 2017, representing a 5,400% gain. Considering its recent price rally, the altcoin may be gathering momentum to reproduce such price movement in a highly anticipated crypto bull run, especially considering recent happenings.
Most notably, popular anti-crypto Securities and Exchange Commission Chairman Gary Gensler recently announced his intentions to resign on January 20, a move largely behind the current bullish sentiment among XRP investors considering the Commissions long-lasting regulatory battle with Ripple. In fact, Genslers decision to leave the SEC has been described as the best thing for Ripple, which holds significant weight for XRPs future.
Genslers resignation coincides with the inauguration of pro-crypto incoming US President-Elect Donald Trump who has promised to introduce a more friendly approach to digital asset regulation in the US. Aside from XRP finally being free from the regulatory scrutiny of the SEC, the potential introduction of a spot ETF under Trumps pro-crypto regime also contributes to bullish sentiments on the altcoins profitability.
According to CryptoBull, if XRP follows its price explosion from early 2017, the token is expected to hit a price target of $1.96 in November, $6.30 in December, and $40 in January.
Price Resistance Levels In XRPs Dream Surge
While XRP presents much potential for a high price target, CryptoBull predicts the token to face significant resistance at the $1.96 price region. If buying pressure proves sufficient to move past this level, the analyst expects XRP to confront another resistance at $3.84 which represents the tokens current all-time high price.
Considering the current robust bullish sentiments in the market, the altcoin is likely to move past these highlighted resistance levels. However, the tokens Relative Strength Index remains far in the overbought zone (91.73) indicating significant potential for a price pullback.
At the time of writing, XRP continues to trade at $1.78 reflecting a 79.57% gain in the past week. Meanwhile, the tokens daily trading volume is up by 103.57% and valued at $20.29 billion.
Featured image from Trackinsight, chart from Tradingview
Read more: https://www.newsbtc.com/analysis/xrp/xrp-to-hit-40-in-3-months-but-on-this-condition-analyst/
Text source: NewsBTC
