Throughout 2024, Ripple has failed to establish any notable momentum, but that could change with analysts predicting a 2017 pattern that could propel XRP to the $2 mark and potentially beyond this year. Indeed, the market is looking at the potential impact of historical developments in the coming months.
As we approach the midpoint of the year, XRP has struggled to break through the $0.50 to $0.52 range. Currently, the asset is up almost 2% in the last 24 hours, according to CoinMarketCap. Subsequently, some traders have begun to explore the potential for that to drastically change rather quickly.
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Ripple Could Follow Historical Pattern to $2 in 2024
There is no understatement of the growth that the digital asset market has enjoyed throughout the year so far. Led by Spot Bitcoin and Ethereum ETF approvals, the mainstream finance sector is starting to increase its exposure to the asset class. That has had a massive effect on the growth trajectory of a plethora of assets.
However, one token has failed to break through, despite the overwhelming potential it held at the start of the year. Yet, this could be set to change for Ripple, as analysts have predicted the asset to mirror a 2017 pattern to a price of $2 in 2024.
Taking to X (formerly Twitter), user Javon Marks discussed the “hinned bullish divergence setup.” Moreover, they made reference to a 017 development that led the asset to surge by a remarkable 63,000% in less than a year. Furthermore, Marks said, “If XRP hasn’t already made a name for itself, it sure looks as if it’s about to do so.”
Also Read: Ripple: Analyst Predicts XRP to Surge 500% and Surpass $2
Additionally, digital asset analyst Mikybull Crypto discussed a similar perspective. Specifically, they noted that the current level of XRP is reminiscent of its position in both 2017 and 2020. In those cases, the asset experienced prolonged periods of consolidation that were followed by an unparalleled price surge.
Although the historical pattern is relevant for observation, it is difficult to form a concrete prediction based on it alone. The past few months of performance have solidified the fact that XRP is currently stuck in a period of stagnation.
There are some who maintain hope that a conclusion to the ongoing US Securities and Exchange Commission (SEC) lawsuit holds the keys to an impending surge. That, along with ETF hype and the impending Ripple stablecoin, could act as important points of positive sentiment. Moreover, they could be important for XRP’s growth prospects.