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TL;DR
- XRP’s price performance has been lagging behind the leading cryptocurrencies such as BTC, ETH, and SOL in the last 30 days.
- Nonetheless, analysts remain optimistic that a rally is on the horizon based on the asset’s historical performance and some essential factors.
Is It Time for an XRP Bull Run?
Many of the leading cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Solana (SOL), and more, witnessed significant price surges in the past month. However, this is not the case with Ripple’s XRP, whose valuation dipped by 2% for that time frame.
Meanwhile, numerous analysts believe the asset is poised for a rally as soon as this month. The X user JAVON MARKS claimed that XRP has been holding a certain resistance zone for several months, describing it as a “hidden bullish divergence setup.” The analyst reminded that in 2017, the same pattern was followed by a 63,000% price increase in less than a year.
“If XRP hasn’t already made a name for itself, it sure looks as if it’s about to do so now,” the trader added.
Cryptoes and Mikybull Crypto chipped in, too. The former argued that XRP has been “respecting weekly support,” envisioning a “big move” in the short term.
Mikybull Crypto maintained that the asset is currently at a similar level as that experienced in 2017 and 2020. In both cases, the consolidation was followed by a massive price resurgence.
Observing Other Important Factors
Several indicators related to XRP’s ecosystem can also hint at a possible bull run. One example is the Relative Strength Index (RSI), which measures the speed and change of price movements and helps traders assess whether the token is overbought or oversold.
It ranges from 0 to 100 as a ratio above 70 suggests that XRP might be due for correction. Data shows RSI has been hovering below that level for the past two weeks.
One person who recently predicted that XRP is ready to head north based on that trend is the X user EGRAG CRYPTO.
Another major element that could trigger a price resurgence for the token is a possible resolution of the lawsuit between Ripple and the SEC. The legal battle is currently in its trial phase, with some industry participants seeing the company with the upper hand due to its three partial court victories secured throughout 2023.
Those willing to learn more about the case and its potential impact on XRP’s valuation, feel free to check our dedicated video below:
The post Can Ripple’s XRP Skyrocket by 63,000% If History Repeats? (Analysts) appeared first on CryptoPotato.
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