Cryptocurrency market observer Chart Nerd predicts XRP could mimic its spectacular 2017 performance, potentially leading to a substantial price surge. The analyst suggests a double-digit valuation for the altcoin is within reach.
XRP Primed for Potential 2017 Repeat, Eyes $27 Target
According to a statement by Chart Nerd, XRP appears poised for a rally reminiscent of its 2017 surge and likely won’t fall as low as $0.50. Instead, the analyst anticipates XRP maintaining support above $2, the high point from the close of January 2018, before experiencing a parabolic climb toward Fibonacci extension price targets around $8, $13, $15, and ultimately, $27.
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Chart Nerd’s analysis counters predictions made by Captain Toblerone, who previously suggested XRP’s value would decline to $0.50. Toblerone advised XRP investors who are still seeing profits to consider selling off at least 50% of their holdings to reallocate capital into other lower-priced digital currencies.
Underpinning Chart Nerd’s optimistic forecast for XRP are historical trends of significant gains during the fourth quarter. Chart Nerd highlighted XRP’s impressive Q4 rallies in 2014 (426%), 2017 (1,064%), and 2024 (240%), suggesting the potential for another similar upswing this year.
The anticipated launch of XRP ETFs in the fourth quarter could further boost prices, mirroring the impact Bitcoin and Ethereum ETFs had on their respective cryptocurrencies. Crypto expert UnknowDLT cautioned XRP investors against selling within the next three months, citing the expected global adoption of ISO 20022 by November 22 as a potential positive influence for Ripple and XRP.
Possible Surge to $21 Highlighted
In a post on X, crypto analyst Mikybull Crypto proposed that XRP could potentially reach $21 during this final significant rally. However, they also stated that a more conservative estimate is between $6 and $10, while noting that the world of crypto can often surprise with unexpected price action. Previously, the analyst has referenced the 2017 cycle as a possible indicator for another significant upward price movement.
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Echoing the bullish sentiment, crypto analyst Egrag Crypto envisions XRP rallying to double-digit figures. Egrag Crypto pointed out XRP’s 1,250% rally in 2017 and 560% surge in 2021. Building on this historical performance, the analyst suggested that if these trends repeat, XRP could target $33 or $17, based on the previous gains in 2017 and 2021.
As of this report, XRP is trading around $2.96, reflecting a decrease of approximately 2% over the past 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com