A crypto analyst is forecasting a massive surge in the price of XRP, with expectations that the altcoin could rally to $27, surpassing its previous all-time high. The analyst attributes XRP’s previous price suppression during the last bull run to an ongoing lawsuit against Ripple Labs, the creator of XRP, by the SEC. However, with the lawsuit potentially coming to an end and the clearance for programmatic sales of XRP, the analyst believes XRP will make up for lost time and experience a significant price increase. The analyst predicts a 40-fold rally from its current level to $27, aligning with the Fibonacci 1.618 indicator from the 2017 peak to the 2020 bottom.

XRP Continues to Gain Momentum

The overall crypto market has been experiencing gains, and XRP has not been left behind. While its price is relatively low compared to other altcoins, XRP remains one of the strongest in the market, currently holding the 5th spot in terms of market capitalization. The analyst, ERGAG CRYPTO, has made optimistic price predictions for XRP in the past, suggesting that it could easily surpass its previous all-time high of $3.84 in the next bull market.

What’s Next for XRP?

At the time of writing, XRP is trading at $0.547, showing a 5.73% increase in the past seven days. While the timeline for the next bull run is uncertain, the analyst predicts that the spike could occur around mid-2024.

FAQs

What suppressed the XRP price during the last bull run?

The price of XRP was suppressed during the last bull run due to an ongoing lawsuit against Ripple Labs, the creator of XRP, by the SEC.

What has happened regarding the lawsuit since then?

A federal judge in the United States has determined that the programmatic sales of XRP do not constitute the selling of securities. A settlement between Ripple Labs and the SEC is now in sight.

What is the analyst’s price prediction for XRP?

The analyst predicts that XRP could rally 40 times from its current level to reach $27.

When is the expected timeframe for the next bull run?

While the exact timeframe is unknown, the analyst suggests the spike could occur around mid-2024.

Can XRP surpass its previous all-time high?

According to the analyst, XRP has the potential to easily exceed its previous all-time high of $3.84 in the next bull market.

Where is XRP currently ranked in terms of market capitalization?

XRP holds the 5th spot in terms of market capitalization among all cryptocurrencies.