CryptoBull (@CryptoBull2020), a well-respected crypto analyst on X, has identified an ambitious price target for XRP, contingent on the digital asset’s ability to reclaim its 2017 peak against Bitcoin.
The market has recently favored XRP as it has breached a long-standing descending trendline against Bitcoin. However, it has to cross crucial levels to begin the bull run.
This trendline had previously acted as a formidable resistance, with XRP struggling to overcome it during an attempt in July 2021. However, it has now gained a remarkable 111% against Bitcoin in November alone, signaling a potential resurgence in investor interest.
Analyzing the #XRP price in Dollars vs Bitcoin shows us how early we are in this bullrun. We are still 1,500% behind in Bitcoin value compared to early 2017. If we meet the same Bitcoin value $XRP price will be around $20. pic.twitter.com/ofxd6Izv5g
— CryptoBull (@CryptoBull2020) November 26, 2024
A Lofty Target for XRP
According to CryptoBull’s analysis, the significance of this breakout lies in the historical context. Before the current market conditions, XRP had been underperforming Bitcoin for an extended period, since it reached its all-time high in early 2018.
The prolonged period of XRP’s relative weakness against Bitcoin has now been challenged, as the asset appears to be regaining its footing.
CryptoBull believes that XRP’s current bull run is still in its early phase, suggesting it still has room for further upside. The analyst’s projection is based on the premise that if XRP can reclaim its 2017 peak against Bitcoin, it could reach a price target of around $20.
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In 2017, XRP’s peak against Bitcoin was 0.0002454 BTC. The cryptocurrency achieved this in May 2017, following a remarkable gain of over 300% against the leading cryptocurrency in the preceding three months. Currently, XRP is trading at a mere 0.00001544 BTC, indicating that it is still at almost 1,500% below the historical high.
Given the recent positive momentum, CryptoBull believes that a similar rally to the one witnessed in early 2017 could propel the altcoin to its aforementioned $20 price target. Based on the current Bitcoin price of around $95,000, which would translate the 0.0002454 BTC peak into a $23.3 XRP price.
CryptoBull’s projection has instilled optimism among XRP enthusiasts, who closely monitor the altcoin’s performance. At the time of writing, XRP is trading at $1.87.
Other crypto experts have predicted the $20 target for XRP. If it can repeat its 300% surge against Bitcoin, it could outperform Bitcoin in December and January next year to reach this level.
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