Analyst Thinks XRP Will Hit $6 This Month and $40 Next Month If This Happens

XRP has garnered significant attention as it has consistently stayed above $2 for an extended period. This is the first time it has hit this level since 2018, and the asset is currently trading at $2.40, up 3.66% in the past 24 hours. This resurgence coincides with broader bullish momentum in the cryptocurrency market.

An analysis posted by the popular analyst CryptoBull (@CryptoBull2020) has fueled optimism among investors. The analyst attached a chart showcasing a potential repetition of XRP’s 2017 price pattern. This historical trend could see XRP reaching $6 this month and possibly $40 next month if similar conditions unfold.

Analyzing the Historical Price Pattern

The chart highlights two distinct phases of XRP’s price action. The first phase from 2017, showcases a rapid increase in XRP’s price from $0.02 to $0.06, followed by a sharp breakout to $0.40 and beyond during the 2017 bull run.

The second phase, shown in the present cycle, mirrors the earlier pattern. XRP remained relatively stagnant for years before its recent breakout above $2.

CryptoBull has previously predicted a climb to $40. If XRP repeats the pattern, it could hit $6 before this year ends, and reach the ultimate target of $40 in January. XRP’s historical price movements suggest that when momentum builds, it tends to accelerate rapidly. While this is speculative, the rapid appreciation observed in 2017 lends credibility to this prediction.

Broader Market Context

The ongoing market rally extends beyond XRP. Bitcoin recently reached an all-time high of $103,900, and this historic milestone of surpassing $100,000 underpins the renewed interest in digital assets. This bullish sentiment has spilled over to altcoins, with XRP’s performance serving as a key example.

Additionally, regulatory developments have contributed to optimism. The resignation announcement of SEC Chair Gary Gensler, effective January 20, 2025, and the nomination of Paul Atkins, a crypto-friendly candidate, have alleviated concerns over regulatory uncertainty.

XRP recently hit a peak of $2.86, and despite some turbulence, the digital asset maintained the $2 level and has begun its recovery. With the bullish market sentiment, the positive regulatory shift in the U.S., positive indicators in XRP’s chart, and historical performance, the digital asset might hit these lofty targets set by CryptoBull.

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. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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