The popular cryptocurrency XRP has remained one of the key topics of discussion in the industry over the past few months. Analysts have continued to weigh in on the future of XRP since Ripple’s partial triumph over the US Securities and Exchange Commission (SEC) in July, largely projecting a favorable price trajectory for the altcoin.
According to the most recent development, XRP could be in line for significant increases in 2024 based on historical pricing data, according to a crypto expert, EGRAG CRYPTO on X.
XRP To Repeat Price Rally In 2024?
In a post on X on September 12, EGRAG CRYPTO claims that XRP has “incredible potential. The expert forecasts a potential market gain of 2500% in 2024 using information from the cryptocurrency chart on Tradingview.
Based on the price performance of the coin, EGRAG CRYPTO has an optimistic forecast for XRP. The symmetrical triangle pattern that XRP formed between 2016 and 2018 set off a significant bullish run, and it can be seen once more on the token’s monthly chart.
Sharon Thorp, a cryptocurrency analyst and business development officer at Wells Fargo, recently predicted that XRP might trade at $500 in 2027, which is in line with EGRAG CRYPTO’s prognosis.
This forecast is based on the expected expansion of the cross-border payments sector, which is anticipated to grow to a $250 trillion market by 2027.
These forecasts, however, might inspire the XRP community, are only individual guesses, and shouldn’t be taken as investment advice.
Pain Before Gain?
Although some analysts are enthusiastic about XRP’s potential acceptance in the upcoming years, others think the coin may struggle for the rest of 2023.
In a recent X post, pro-XRP analyst Jungle Inc. 2.0 predicted that the remainder of 2023 would not be favorable for either XRP or the overall crypto market. The crypto analyst bases this forecast on “tough financial times,” which are characterized by the US Federal Reserve raising interest rates.
Investors should also keep in mind that Ripple is still fighting the SEC in court. In a recent petition, the US securities watchdog pleaded with the court to grant its request to review the recent decision in its lawsuit against Ripple.
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