Ripple’s XRP token has surged by over 80% since the beginning of the year. A US court ruling that Ripple’s sale of XRP to retail clients did not breach securities laws was a significant force in pushing the asset’s price. However, many analysts believe Ripple XRP has yet to show its full potential, and can potentially reach $10 soon.
According to cryptocurrency analyst EGRAG CRYPTO, Ripple XRP could reach $10 or $50, depending on its trajectory. If XRP touches a price of $10, it translates to growth of over 1530% from current levels. On the other hand, if XRP hits $50, it would mean a rally of over 8000%.
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EGRAG CRYPTO cites historical data to back his claims. The analyst points to XRP’s 8000% rally from March 2017 to May 2017. Moreover, from July 2017 to November 2017, XRP surged by 1,506%. The analyst says the token could take one of two routes depending on how things unfold.
According to EGRAG CRYPTO, XRP could surge by 1506% if it consolidates for five months, replicating the late 2017 rally. However, if the token faces a 12-month consolidation, it could lead to an 8000% rally. Either way, EGRAG anticipates XRP to hit new highs.
Will Ripple’s XRP hit a new all-time high?
EGRAG CRYPTO’s forecast does not anticipate XRP to hit a new all-time high anytime soon. However, many analysts expect a crypto market bull run in 2024. Some even believe Bitcoin (BTC) and other major cryptocurrencies could hit new highs next year. If the other currencies hit new peaks, XRP might also follow.
Also Read: Ripple: Over 500 Companies Use XRP as a Bridge, Can it Hit $1?
The token hit its highest price in January 2018, almost six years ago. Moreover, the token has seen significant institutional adoption in the last few years. Increased adoption and a market rally could push XRP’s price to a new all-time high in 2024.