Just about a week ago, XRP struggled to drop below $2.8 after losing the crucial support threshold of $3. This asset has fallen over 20% since the new all-time high set in mid-July, and analysts quickly warned of another collapse that could push the price below $2.4.
However, this did not happen. Perhaps thanks to the overall recovery of the market and the highly anticipated outcome of the legal battle between Ripple and the U.S. SEC, XRP has surged in the past few days and surpassed the $3.3 mark earlier today, proving the skeptics wrong.
XRP has currently increased by 11% weekly and has gained nearly 40% in value over the past month, now just 9% away from the all-time high of $3.65. Perhaps even more optimistic is the formation of the MVRV golden cross pattern, as pointed out by Ali Martinez.
When this event occurs at the end of 2024, the price of Ripple token soared from $0.5 to $3.4 in just a few months, an increase of about 600%. This signal reappeared in July, and XRP broke out of the consolidation range at around $2.2, soaring to the aforementioned ATH of $3.65 (an increase of about 60%).
If history repeats itself and XRP experiences triple-digit growth again, the price could soar past the $20 mark and even reach $25. Even in a less optimistic scenario, the price of XRP would still be at $5, meaning it would achieve a new all-time high.
Other Predictions
It should be reiterated that history is not an indicator of future price movements. However, sometimes it does have a rhyme.
However, the XRP Army is one of the most vocal groups in the cryptocurrency community and frequently makes big price predictions. One of the most vocal, John Squire, has recently envisioned a 6-fold price increase for XRP, making it a trillion-dollar asset. While this sounds appealing, it is somewhat unrealistic considering the current situation, where XRP's market capitalization is around $200 billion.
However, the cryptocurrency market is very unpredictable, as has been proven many times, and XRP has indeed experienced some significant growth in the past, so I would not completely rule it out.