XRP News Today: XRP Price Surges 10% as Analysts Predict Double-Digit Rally

Crypto analyst Galaxy has identified similarities between the current XRP price movement and the 2017 bull run, during which the altcoin experienced significant gains. Galaxy predicts that XRP could soon rally to double digits, mirroring the 2017 rally.

In a post, Galaxy noted that the XRP price is closely following the breakout pattern of 2017 after six years of consolidation. The analyst emphasized that the longer the consolidation period, the more substantial the subsequent price movement. Galaxy's accompanying chart suggests that the XRP price could rally to nearly $40 during this breakout. The analyst is confident that XRP could witness such a parabolic move, given that it surged by 61,000% in 280 days during the 2017 rally. The chart also indicates that the altcoin is likely to reach this target sometime next year.

Another crypto analyst, Egrag Crypto, expects the XRP price to reach between $27 and $33 in the current market cycle. Egrag Crypto believes that a repeat of the 2017 historical performance makes these price targets achievable for the altcoin. The analyst also points to factors such as XRP ETFs and Ripple’s expansion as potential drivers for this price surge.

Crypto veteran Raoul Pal also affirmed that the XRP price has significant room to rally from its current level. Pal highlighted a bull flag that formed for the altcoin following its consolidation phase after last year’s rally. The veteran expects XRP to witness a bullish continuation after this consolidation phase, potentially rallying to as high as $5. This would mark a new all-time high (ATH) for the token.

Crypto analyst CobraVanguard asserted that the XRP price is in a bullish phase, highlighting a falling wedge pattern forming for the altcoin. CobraVanguard remarked that this pattern indicates the altcoin’s potential to reach $3. However, the analyst warned that this setup could be invalidated if the wedge pattern is broken downwards with the strength of bearish candles.

Crypto analyst Dark Defender noted that the XRP price is currently in Wave B of its Wave 2 corrective move. Dark Defender predicts that the altcoin could rally to its current all-time high once the B and C waves are completed in this corrective wave. The analyst is also confident that the altcoin can rally to double digits in the long term. Dark Defender once predicted that the altcoin could reach $18 based on his Elliott Wave Theory analysis.

At the time of writing, the XRP price is trading at around $2.38, up in the last 24 hours.