The price of XRP has sparked speculation regarding its persistent trading in consolidated phases below the $1 mark despite receiving partial legal clarity that declared it not a security.
At the same time, the asset has struggled to make substantial gains amid the ongoing market rally. Looking ahead at how XRP might trade, crypto analyst Egrag Crypto, in an X (formerly Twitter) post on March 10, suggested that the token will likely present a window of opportunity for investors and rally significantly.
In his view, based on several technical indicators, the asset has the potential for significant gains. He pointed out the ‘White Ascending Triangle,’ and a breakout from this pattern could propel XRP’s price to $17.
XRP price analysis chart. Source: TradingView/Egrag Crypto
The rationale behind this prediction is tied to the recent all-time high of Bitcoin (BTC), where he speculated that the maiden crypto might experience a slight pullback before resuming its upward trajectory. This perceived window of opportunity for XRP falls between April and July 2024.
XRP’s potential to hit $27
At the same time, he highlighted the ‘Yellow Ascending Triangle’ where the analysts suggested that a breakout from this pattern could drive XRP’s price to $27. Reaching such a target would drive XRP over a $1.4 trillion market cap, surpassing Bitcoin’s current capitalization.
He boldly predicted that 2025 would be the “year of Utility Bull Run” for XRP. The reasoning behind this assertion is tied to Bitcoin’s expected cycle top of around $200,000, marking a tenfold increase from the previous cycle.
“The breakout move could push the price to $27, which is around 100X from 0.28c. I understand that 99% may not comprehend that 2025 will be the year of Utility BULLRUN. <…> Therefore, my window of opportunity for XRP will be Q4 2024 to Q1 2025,” he said.
It is worth noting that although the technical indicators may point to a possible bullish outlook, the asset’s significant prospects also lie in the ongoing legal cases between Ripple and the Securities Exchange (SEC).
Notably, the case has affected the token’s trajectory in the past. Recently, no significant SEC-related developments are likely to impact the value of XRP.
In the latest update, the SEC must file its remedy-related brief by March 22, and Ripple must file its remedy-related brief by April 22.
XRP price analysis
By press time, the value of XRP was at $0.62, reflecting a weekly decline of approximately 0.70%. Despite this, over the past 30 days, the token has seen an impressive gain of about 18%.
XRP seven-day price chart. Source: Finbold
While the analyst has forecasted substantial gains for XRP, the token faces a formidable challenge in surpassing the $1 level. Achieving this milestone would potentially unlock more opportunities for a sustained uptrend.
Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
