XRP is at $5.3 as analysts say even a 63% drop would keep the price above $1.96

One market commentator expects XRP to rise to a new all-time high amid the ongoing rally, resembling a repeat of the 2017 upswing.

XRP is one of the biggest beneficiaries of the recent market rally. In the last 24 hours, it has risen over 24% to reach $1.93. As a result, market observers are optimistic about XRP’s potential for further gains, with some predicting a rally similar to the 2017 surge.

One of these analysts is EGRAG, who recently recommended the possibility that XRP will reach $5.3 in the near future. The forecast is based on an analysis of XRP price movements since 2013, with a focus on the symmetrical triangle pattern that defines the long-term chart.

XRP’s historic symmetrical triangles

EGRAG’s diagram points to two symmetrical triangle Formations in the history of XRP. The first triangle spanned from December 2013 to March 2017.

During this period, XRP experienced a breakout that resulted in an incredible 287% increase in just one month. This breakout was a precursor to XRP’s meteoric rise, which culminated in a peak of $3.31 in January 2018.

The second triangle formed after XRP fell from the high of $3.31. This pattern has continued for seven years. However, November 2024 has brought new optimism as XRP recorded a remarkable 270% increase this month. Analysts believe this surge could mark the start of a breakout similar to 2017.

XRP is targeting $5.3

EGRAG’s analysis suggests that the current rally reflects this the 2017 outbreakXRP could see a staggering 1,273% increase. The market analyst confirmed that this rally would push the price of XRP to around $5.3.

However, the forecast comes with a precaution. Just as the 2017 rally was followed by major corrections, a similar pattern could emerge this time. EGRAG expects a possible 63% decline after XRP peaks. This would bring the price back into the $1.94-$1.96 range, matching XRP’s previous all-time high in 2021.

The analyst also highlighted that while price action closely resembles the 2017-2018 cycle, the timing may be different. In particular, external factors, including market sentiment and regulatory developments, could influence the speed and course of the rally.

At the moment, XRP is trading for $1.90up 5% today. Its recent rise has seen it break through key resistance levels. The asset has crossed the $1.63 mark and is now approaching its 2021 high of $1.96. Market observers believe that XRP will easily reach the $2 price level once it is released overcomes the resistance at $1.96.