XRP Price Can Surge to $8 Amid 2017-Like Chart Patterns

While the rest of the crypto market entered a consolidation phase on late Tuesday, the XRP price continues to rise further with an additional 14% gain in the last 24 hours. Some market analysts also believe that XRP is staging a chart pattern similar to the 2017 bull run while expecting the altcoin to rally to $8 and beyond.

The Ripple crypto is once again making the move to its crucial resistance level of $0.75 with its market cap crossing $41 billion while its daily trading volume surging by 166% to $11.53 billion.

New All-Time High to $8 Ahead for XRP Price?

As per the Coinglass data, the XRP open interest has shot up by 14% to $1.120 billion. It has led to $24.5 million in liquidations over the past 24 hours. The surge in the open interest indicates strong bullish sentiment for the altcoin with the expectation of a further rally ahead.

Courtesy: Coinglass

Crypto analyst Armando Pantoja is signaling a significant opportunity in XRP while setting up an ambitious target range for XRP price between $8 and $30. Pantoja said that the technical indicators for the Ripple cryptocurrency mirror similar patterns as seen during the previous major rally.

According to Pantoja, the last time the XRP price exhibited a setup like the current one—marked by a symmetrical triangle pattern, a positive MACD (Moving Average Convergence Divergence), and increasing volume—the cryptocurrency soared from mere pennies to over $3. He also warned that this could be the last chance to accumulate XRP under $1 levels.

In $XRP last time we saw a pattern like this, it went from pennies to over $3.

Now we’re seeing it again:

Symmetrical Triangle Pattern + MACD + Increasing Volume = target of $8-$30.

This is your last change for #XRP under $1. pic.twitter.com/n8aErJ342b

— Armando Pantoja (@_TallGuyTycoon) November 12, 2024

Market analysts also predict that the $100 billion market cap for XRP could be coming soon as the Ripple crypto could rally to $1.28.

Is FOMO Building Up for A Mega Rally Ahead?

As per the blockchain analytics platform Santiment, the XRP price has had the highest long vs short positions on crypto exchange Binance, since March of this year. This shows that bulls are once again taking up the charge eyeing a further rally to $1 following the breakout from the $0.75 resistance. This is quite possible amid talks of dismissing the long-going SEC vs Ripple lawsuit.

Furthermore, the social sentiment is also growing quickly with the XRP discussions alone contributing to 4% of the overall crypto market chatter. This uptick in interest comes as the Ripple cryptocurrency rallied a staggering 45% over the past week after the Donald Trump victory.

Courtesy: Santiment

XRP’s next critical test will be breaking past its March high of $0.74, with market sentiment and Fear of Missing Out (FOMO) as key factors. Analysts also note that the potential for further gains hinges on maintaining balanced funding rates on major exchanges, like Binance. This is to avoid a buildup of leveraged long positions.

On the other hand, the Ripple ecosystem is working on further expansion through potential partnerships with other market players. In the latest development, Cardano founder Charles Hoskinson hinted at a potential partnership with Ripple, however, hasn’t shared many details regarding the same.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.