XRP’s Price Action: Analysts Anticipate Frustration but Potential ATH Soon
XRP is trading at approximately 81% below its all-time high (ATH), while Bitcoin continues its price discovery phase, frequently establishing new peaks. Year-to-date (YTD), Bitcoin has appreciated by 112%, whereas XRP’s growth has been significantly muted at merely 11%. In contrast, leading altcoins such as Solana and BNB have mirrored Bitcoin’s performance, each recording YTD gains exceeding 100%.
Data indicates that within the top 100 cryptocurrencies by market capitalization, 71 outperform XRP in terms of annual price performance. Despite these lackluster results, many analysts have dismissed XRP’s potential for a bull market. However, ardent supporters argue that XRP still possesses substantial long-term promise.
Potential for a Rally to ATH in the Near Term
Macro investor “Pharaoh” articulated that XRP has a historical tendency to frustrate holders through periods of stagnant price movement. Nonetheless, he believes that this trend could precede a sharp upward movement, surpassing its ATH within a matter of weeks. This pattern echoes XRP’s previous behavior during the 2017/2018 period, where it traded with two leading zeros before experiencing a meteoric rise. For example, on December 11, 2017, XRP was priced at $0.2365, but over the next three weeks, it surged by 1,523%, reaching $3.84.XRP advocates are hoping for a similar trajectory during the ongoing market cycle.
Bullish Momentum Already in Play
Notably, XRP has recently broken out from its previous price stagnation, experiencing an increase of over 25% this week and trading above the $0.70 threshold for the first time in eight months. This resurgence has reinvigorated market observers and XRP proponents alike, suggesting that its bullish potential may still be intact.
Analyst Javon Marks recognizes early-stage positive signals in XRP’s price movements, positing that this may be indicative of a more significant rally on the horizon that could push values towards new ATHs and beyond. Marks has conservatively positioned a target of $15 for XRP, but he suggests that should a full-scale rally materialize, historical patterns could propel the price to as high as $200.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
