Presently, the XRP price is still struggling against bearish market forces that have actually pushed the price down further than expected. This is despite major developments like the end of the 5-year-long Ripple battle with the Securities and Exchange Commission (SEC) over the security status of XRP. Now, with the most important hindrance of the last few years out of the way, can the XRP price still make its way to new all-time highs this cycle?
Comparing To Past Cycle Performance
Crypto analyst Javon Marks still believes that the XRP price rally is far from over. If anything, the current price point, despite the rally over the last year, could seem like a great price point if XRP does complete the predicted rally, especially as it’s expected to barrel toward triple-digits.
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The crypto analyst’s prediction is based on the past performance of the XRP price and how it has often rallied to all-time highs. The chart points out the formation of a triangle pattern similar to what was seen back in between 2015 and 2017, and in the end, leading to the current all-time high.
As this triangle pattern seems to be playing out similarly, with an initial breakout and stop happening now, it suggests that the trend could play out to the end. If this happens, then the XRP price could be looking at another 200% increase before the rally is over.
Such an increase from the current level would put the XRP price over the $9 mark. Marks actually expects the target of $9.63 to be reached, but even then, the chart goes further, suggesting a possible rise above the $20 mark.
XRP Price Set To Close Highest Candle In History
Despite the market correction, bullishness around the XRP price remains high. Another crypto analyst, EGRAG CRYPTO, pointed out that the XRP price is bullish because it is about the make a major close and it would be the highest candle closure in its history.
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As EGRAG explains, XRP is about to close a full-body candle on the 2-month timeframe above the $2 mark. This would be the first time in history, and suggests that bullish momentum continues to prop up the altcoin’s price during this time.
The analyst also explains that XRP is not going to stop at $4.13 before going into another bear market after almost 4,400 days of perseverance. The major Fibonacci count levels put XRP as high as $8, $13, and ultimately at $27.
Featured image from Dall.E, chart from TradingView.com
