XRP price has been performing quite well over the last month after US Judge Analisa Torres declared that secondary sales of the asset on exchanges didn’t qualify as securities. The altcoin’s initial pump tapered off in a few days but XRP continues to retain most of those gains. Given the cryptocurrency’s performance trend over this time, crypto analysts believe that the digital asset could be poised for a massive rally and they have given reasons why.
A Repeat Of 2017?
One crypto analyst that has pointed to the possibility of an XRP rally is CryptoInsightUK. The pseudonymous analyst posted two side-by-side XRP/BTC charts on X (formerly Twitter) to show the similarities between both trends. One chart was from 2017 while the other was from 2023.
Now, the 2017 chart shows a trend that ended in XRP’s price rallying over 1,000%. This was when the digital asset hit its new all-time high price in 2017. Now, fast forward to 2023 and it looks like the altcoin is making a repeat of the same trend.
This is the first time we have seen this for $XRP in 5 years! 😱$XRP / $BTC on the monthly timeframe has reclaimed the 20 and 50 SMA. 📈
Not only this, but it has also wicked back to the 50 SMA to test it as support (if we continue to hold out the month). 🎯
The last time we… pic.twitter.com/d5zjzwcTvm
— Cryptoinsightuk (@Cryptoinsightuk) August 13, 2023
Notably, in both charts, the altcoin’s price was able to reclaim the 20-day and 50-day Simple Moving Averages (SMAs). Since this is so rare for the altcoin on the BTC chart, it stands to reason that expectations align with the previous outcomes.
“The last time we saw a bullish claim of these two SMAs on the monthly timeframe was 2017. The biggest Bull Run in $XRP history,” the analyst explains. If history does repeat itself, then the cryptocurrency’s price could be poised for a massive rally from here.
XRP price holds at $0.62 | Source: XRPUSD On Tradingview.com
XRP Price Could Jump To $3
Another crypto analyst that expects a rally for the XRP price is @DefenderDark. The analyst posted a follow-up to a previous tweet where they had set high exceptions for the altcoin. According to the analyst, the price of XRP could rise as high as $3.
However, this forecast is not without hurdles as they point out that the price of the altcoin will likely return to $0.58 before rallying. This would mean an around 6% decline initially and the bulls losing control of the $0.6 support.
Hi all. We set a historical pattern 3 months back & this week, #XRP stands fantastically at the same price level now.
I know it sounds crazy but check below.
The wave trend indicates we can still touch $0.58 & hit $3 (NFA) in the same week, says historical pattern.
Jeez. pic.twitter.com/byPwgriN8c
— Dark Defender (@DefendDark) August 14, 2023
Nevertheless, XRP has been gaining attention since Judge Torres’s ruling and all of these new interests could serve as a catalyst for the rally. Without the weight of a lawsuit holding it down, the chances of XRP reaching a new all-time high becomes higher.
At the time of writing, XRP is holding steady at $0.6258, translating to 0.34% losses on the weekly chart.