Good Morning Crypto (@AbsGMCrypto), a financial analyst on X, recently ignited discussion within the cryptocurrency community with a post highlighting a potential price increase for XRP. The analyst shows that XRP’s price trajectory mirrors a historical pattern observed before its 2018 surge to an all-time high.
He attached a price chart showing a significant decline preceding the explosive growth period. This decline is described as the “final shakeout,” where weaker investors, discouraged by the price drop, sell their holdings. This, in turn, supposedly paves the way for a subsequent price surge as the remaining investors, with stronger conviction, hold their XRP and potentially accumulate more at the discounted price.
Read Also: XRP to $10? Analyst Spots Potential Breakout via Dominance Chart
The 2017-2018 XRP Rally
In 2017, XRP’s price did indeed experience a substantial surge, rising from approximately $0.006 in January 2017 to its all-time high of well over $3 within a timeframe of roughly 240 days, representing a staggering 60,000% increase.
Other prominent analysts have shared their belief that XRP can recreate this surge, and Good Morning Crypto’s chart makes a strong case for this outcome.
However, it is crucial to acknowledge that past performance does not always accurately predict future outcomes. Several factors can influence cryptocurrency prices, making predicting future movements with absolute certainty challenging.
The Current XRP Landscape
XRP’s current price point sits at $0.4402, significantly below its all-time high, and the broader cryptocurrency market seems to be in a bearish phase. The crypto market has also undergone substantial transformations since 2017. Regulatory scrutiny, competition from other digital assets, and overall market sentiment can all shape XRP’s price trajectory.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
A significant factor impacting XRP’s price is the ongoing legal dispute between Ripple, the company behind XRP, and the U.S. Securities and Exchange Commission (SEC).
The resolution of this lawsuit is widely anticipated to have a major impact on XRP’s price. A favorable outcome for Ripple could increase institutional adoption and potentially trigger a price surge. Conversely, an unfavorable outcome could lead to a further decline in price.
Read Also: Analyst Says XRP is on the Verge of Breaking 5-Year Downtrend, Sets $10 Price Target
While Good Morning Crypto’s analysis highlights a potentially bullish scenario for XRP, it is vital to approach such predictions with a cautious perspective. Investors contemplating entering the XRP market, or increasing their holdings, should conduct thorough research and due diligence.
What’s Next for XRP?
The possibility of a final shakeout preceding another significant XRP price increase presents an intriguing scenario for investors. Good Morning Crypto recently shared a similar prediction with a $16.1 target. This is a historical surge, and many analysts are confident XRP can reach high prices like this.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
