XRP Poised for a 2017-Style Bull Run

The price of XRP has experienced significant fluctuations and faced challenges, despite Ripple’s partial victories against the U.S. Securities and Exchange Commission (SEC) over the past year.

Nevertheless, bullish patterns on the charts and various forecasts suggest that XRP may reach new all-time highs. The cryptocurrency community is speculating about a potential resolution of the Ripple-SEC lawsuit, which could further drive up the price.

However, there is no concrete evidence to support these speculations, and it could turn into a classic “sell the news” event.

Chart Analysis and Expert Predictions

A cryptocurrency analyst recently tweeted:

“According to the $XRPBTC chart, this XRP rally has JUST BEGUN. A 2017-style surge is on the horizon, but you won’t believe me.”

according to the $XRPBTC chart, this $XRP related rally JUST began 📈

2017 style melt up coming soon, yet you wouldn’t believe me🤷‍♂️ https://t.co/U15WkdukEh pic.twitter.com/f1RK59N4VR

— Charting Guy (@ChartingGuy) July 24, 2024

This statement has garnered attention within the crypto community, with many enthusiasts setting a $5 target for XRP.

Historically, XRP experienced a significant spike in early 2017, followed by fluctuations, yet it maintained a steady trend until early 2021.

Recently, from the end of 2023 to 2024, XRP’s price has surged significantly, signaling a notable increase in the upcoming period. Another prominent figure on X, Rarara, mentioned:

“Golden cross on the weekly $XRP chart! The RSI also looks very promising at around 44.31. If we keep this momentum, it’s about to take off TO THE MOON. Even better, #Ripple might finally be close to settling with the #SEC based on recent news.”

This optimism is further fueled by recent whale activity, with large amounts of XRP being transferred from Binance to unknown wallets, indicating potential accumulation by major investors.

At the time of reporting, XRP is trading at $0.6092, with a 24-hour trading volume of $2,258,898,768. This represents a 0.42% price decrease in the past 24 hours.

This recent price volatility is seen by many in the cryptocurrency community as a positive sign, suggesting potential growth in the future.

Prospects of an XRP ETF

According to earlier reports, Ripple CEO Brad Garlinghouse hinted at the possibility of launching an XRP ETF in the United States by 2025. This speculation has generated excitement within the cryptocurrency community.

The anticipation of an XRP ETF adds another layer of optimism for the future price performance of XRP. Investors hope that this development will bring greater legitimacy and stability to XRP, thereby further boosting its price.

Additionally, the XRP liquidation chart from late January to late July shows fluctuating trends in both long and short liquidations. Long liquidations spiked in mid-February and mid-April, corresponding with notable price swings.

Short liquidations increased significantly in early July, coinciding with a rise in XRP’s price. This trend indicates that market participants are reacting strongly to price changes, contributing to overall volatility.