XRP Price Expected to Reach $8: Analyst Anticipates a Repeat of 2017 Bull Run to Drive the Rally
Crypto analyst Dark Defender has made a bullish prediction for XRP, suggesting that its price could surge to $8 and even potentially reach $18. To support this forecast, the analyst highlighted the possibility of a repeat of the 2017 bull run, during which XRP experienced a staggering price increase of 61,000% over 280 days, ultimately reaching its ATH of $3.84.
Expressing confidence in the likelihood of history repeating itself, Dark Defender stated that the XRP community is currently experiencing a sense of déjà vu, reminiscent of the 2017 bull run. The analyst further specified that XRP’s Wave 3 impulsive move could see it hitting the upper target level of $18.22, which corresponds to the Fibonacci level of 361.80%. According to the accompanying chart, this predicted surge towards $8 and potentially $18 is projected to occur between October and early 2025.
Adding to the analysis, Dark Defender emphasized the critical support levels that XRP needs to maintain in order to achieve such unprecedented heights. The analyst noted that XRP has been consolidating within the range of $0.3917 and $0.6649, highlighting the importance of the latter level, which, when accompanied by the weekly Ichimoku clouds, becomes a “crucial marker” before XRP enters its parabolic run. Additionally, the analyst identified $0.5286 and $0.4623 as critical support levels that XRP holders should closely monitor.
Egrag Crypto, another crypto analyst, offered an even more bullish price prediction for XRP, suggesting that the cryptocurrency could see a monumental price gain of 5,000% and potentially reach $27. Alternatively, Egrag indicated a more conservative estimate of a 2,400% price gain, projecting XRP’s rise to $17. These predictions were based on the historical impact of Bullish Hammer Candle Stick formations, which Egrag highlighted as having resulted in substantial price gains for XRP.
It is worth noting that this is not the first time Egrag has projected a potential XRP price surge to $27 during this bull run. In November of last year, the analyst referred to this price level as a “plausible” target, particularly if XRP experiences a similar bull rally to that of 2017.
As of now, XRP is trading at approximately $0.55, experiencing a decrease of over 2% in the past 24 hours, according to data from CoinMarketCap.