A crypto analyst has identified key indicators that point to a substantial rally for XRP, the native token of the
XRP Ledger (XRPL)
. According to the analyst, XRP is poised to rebound from its
bearish trends
and soar to new all-time highs
XRP To Mirror 2017 Rally To New Highs
In an X (formerly Twitter)
in June, crypto analyst, Tylie Eric expressed bullish optimism about
XRP
, emphasizing the cryptocurrency’s potential for a major rally this year. He shared an XRP price chart depicting the cryptocurrency’s price movements from as early as 2014 to 2025.
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Source: X
Eric disclosed that XRP has met all the necessary requirements and conditions to support a
potential bull rally to new highs
. The analyst also revealed that XRP is completely prepared to continue with “wave 3 and wave 5” of the renowned Elliott Wave Theory.
The
is a tool used to determine price movements in a cryptocurrency. The technical analysis is based on viewing long-term recurrent price patterns in a cryptocurrency.
In his post, Eric disclosed that XRP was currently
displaying similar patterns and conditions
to those seen during its bull rally in 2017. Earlier in 2017, XRP witnessed a massive price rally, which preceded its surge to new all-time highs of $3.84 in 2018.
Eric has suggested that
XRP’s price action
was displaying the same bullish patterns, as a result, he has projected a substantial price increase to $36.36 before the end of 2024. The analyst also revealed that XRP will have to witness a whopping 7,637.22% surge for it can reach the projected price target.
Despite being a cryptocurrency analyst, Eric is an avid supporter of the XRP cryptocurrency. The analyst has constantly made bullish predictions for the altcoin, anticipating
potential rebounds from bearish sentiment
. Moreover, the crypto analyst revealed in his earlier
that XRP’s price action was significantly “boring.” This could be attributed to the cryptocurrency’s recent downward spiral.
As of writing, the
price of XRP
is trading at $0.45, reflecting a 4.12% decrease in the past 24 hours and a 11.71% drop over the past month. The popular cryptocurrency has continually recorded
steep declines
since the beginning of June.
Previously, the cryptocurrency was
consolidating slightly above $0.5
, however now the cryptocurrency is on a major downward trend, triggered by market volatility and Ripple’s ongoing
with the United States Securities and Exchange Commission (SEC).
Bullish Sentiment Rises
Despite its waning value, XRP’s bullish sentiment from crypto analysts continues to rise. A particular crypto analyst identified as ‘Egrag Crypto’ predicted that the altcoin was getting closer to the Fibonacci (Fib) 1.618. The analyst disclosed that this unexpected development could indicate possible areas for a
price reversal
or continuation in XRP.
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Source: X
Egrag Crypto also shared a price chart depicting XRP’s price actions from 2014 to 2024. In his post he
that if history repeats itself XRP could potentially see a price surge to $27. The analyst has urged investors to remain prepared and optimistic about XRP’s projected surge to to $27.
Token price succumbs to bears | Source:
Featured image created with Dall.E, chart from Tradingview.com
