The XRP price has seen a parabolic upward trajectory over the past month, reaching $2.49, a level not seen since early 2018. This surge in Ripple’s price has captured the interest of cryptocurrency analysts, with one hinting at a potential rise to as high as $24 soon.
In just the last four weeks, Ripple (XRP) has expanded its market capitalization by more than 400%, accumulating approximately $100 billion. It has a market cap of $129.47 billion, making it the fourth-largest cryptocurrency by market capitalization at press time.
The positive XRP price trend follows the ongoing SEC vs. Ripple lawsuit, which is approaching resolution. Beneficial regulatory developments aided this near settlement after pro-crypto Donald Trump was elected president of the United States.
Market analyst Dan Tapiero, the founder of 1RT Funds, also agrees that this bullish regulatory development is a key driver behind the XRP price surge.
The demand for XRP further increased after Gary Gensler, the SEC chair known for his skepticism towards altcoins, announced that he would resign as the financial regulator’s leader on January 20.
Can the XRP price really hit $24 this cycle?
The price of Ripple (XRP) has surged 343.32% over the past month, 52.30% over the last seven days, and 17.98% over the past 24 hours alone. This sudden surge has made the old altcoin a hot topic once again in the cryptocurrency market.
A recent chart Peter Brandt shared hints that the XRP price may reach a new all-time high of $24. This is based on the potential development of a symmetrical triangle pattern.
While the trading expert has previously expressed skepticism towards Ripple’s coin, his latest X post for this well-known crypto appears very optimistic.
EGRAG CRYPTO, a cryptocurrency analyst with about 64k followers on X, shared similar views on November 30. He suggested that XRP could reach double-digit prices soon, particularly between $20 and $27, following its recent breach of the $2 resistance level.
This Ripple price prediction is based on historical trends and the potential for increased buying momentum driven by Fear of Missing Out (FOMO).
He noted that previous price increases have exceeded 1,000%, especially during the surge to its all-time high in January 2018. The analyst points out that XRP’s past price movements can help predict future trends, and if history repeats, reaching double digits is possible.
Although the projected price of $24 or between $20 and $27 isn’t realistic in this cycle, given that Ripple’s (XRP) market capitalization would need to increase to around $2 trillion, it will most likely exceed its former all-time high of $3.84 set seven years ago.
Technical indicators for Ripple
Ripple (XRP) currently changes hands for $2.35, showing strong bullish momentum. Key indicators like the Bollinger Bands highlight a breakout above the upper limit at $2.25, suggesting sustained upward pressure.
XRP has also decisively surpassed its major resistance at $1.79 while trading significantly above the 50-day and 100-day moving averages (at $0.88 and $0.72, respectively). This indicates a robust uptrend, further supported by a 190% spike in trading volume over the last 24 hours.
XRP 24-hour price performance | CentralCharts
With these technical signals aligning and XRP benefiting from broader crypto bull market dynamics, the coin is well-positioned for further gains. If market sentiment remains positive, XRP could aim for its previous all-time high of $3.84 or higher. However, resistance at $2.50 and potential pullbacks to $2.25 should be monitored as XRP consolidates before its next move.
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