Experts are thrilled about the chances that XRP, the cryptocurrency linked to Ripple, will hit new heights. Recent trends show that it could reach $20 if it can regain its 2017 high against Bitcoin. This hopeful prediction is based on the fact that the altcoin has shown strong signs of recovery, having come back from a low point of $1.28 earlier this week.
XRP’s Most Recent Performance
XRP swiftly recovered from that low point, surpassing critical psychological levels at $1.3 and $1.4, and is currently pursuing a stable position above $1.5. The current market rally has led analysts to believe that the crypto asset may outperform Bitcoin due to its upward momentum.
Crypto analyst CryptoBull has been particularly vocal about this potential, stating that if XRP can reclaim its 2017 peak against Bitcoin, the price could skyrocket to $20.
Analyzing the #XRP price in Dollars vs Bitcoin shows us how early we are in this bullrun. We are still 1,500% behind in Bitcoin value compared to early 2017. If we meet the same Bitcoin value $XRP price will be around $20. pic.twitter.com/ofxd6Izv5g
— CryptoBull (@CryptoBull2020) November 26, 2024
XRP has faced great difficulties in its competitiveness with Bitcoin since its all-time top of $3.31 in January 2018. The value of the cryptocurrency in respect to BTC has been dropping over recent months. Still, new data shows XRP has surged by an amazing 111% against Bitcoin this month, implying a possible breakout is about ready.
Resistance Levels Broken
In order for XRP to maintain its upward trajectory, it must overcome substantial resistance levels. In an effort to conclude the month above the descending trendline that has plagued XRP since July of last year, analysts are closely monitoring the price action. If successful, this could presage additional gains and corroborate a bullish breakout.
The current trading value of the altcoin against Bitcoin stands at about 0.00001544 BTC and still remains much lower than it reached at its historical high. CryptoBull still sees hope, though, and believes a similar rally to that of the early 2017 market might send XRP right back into double digits.
The broader cryptocurrency industry is also seeing a comeback while Bitcoin tries to break past the $95,000 level. Analysts believe that if XRP can turn the important $2 resistance level into support, then a fast climb towards $20 might be started.
Apart from these technical factors, regulatory optimism also plays a role in how the market shapes its sentiment. The upcoming resignation of the SEC Chair, Gary Gensler, can lead to better regulatory conditions for cryptocurrencies like XRP, which further boosts the euphoria surrounding Ripple’s prospect.
XRP is currently trading at approximately $1.47, which represents a 7% increase in the past 24 hours. Many investors are closely monitoring the altcoin as it navigates this critical phase of its market voyage, as analysts anticipate that bullish momentum will persist.
Featured image from DALL-E, chart from TradingView
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