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A market expert has predicted a possible timeline for XRP to reach $5 and rise from there to $30, citing past price movements.
XRP’s recent price action has reignited optimism about its prospects. A week after reclaiming the $1 price territory for the first time in nearly three years, XRP has surged further. The token now has its eyes set on the $2 region, as it currently changes hands at $1.55 amid a 59% gain in a week.
Can XRP Close November Above $2?
In his latest market commentary, analyst CryptoBull stressed the importance of XRP claiming $2 and closing November above it. For context, this price would mark a near 7-year high, as XRP previously saw $2 in January 2018. XRP’s attempt to breach $2 met resistance at the $1.96 mark.
However, some believe the $1.96 region could yield this bull run amid a favorable regulatory atmosphere and greater capital injection. According to CryptoBull, if XRP reclaims $2 and closes November above it, this would represent a 288% monthly increase, XRP’s highest monthly gain in seven years.
Notably, at the current price of $1.55, XRP is already up 203% this month. A monthly close above $2, marking a 288% increase, would be reminiscent of the asset’s price movement in March 2017, when it broke out during the 2017 bull run. For context, XRP surged from $0.0056 to $0.0214 in March 2017, a 284% monthly rise.
Timeline for XRP Upside to $5 and $30
CryptoBull believes if XRP repeats this increase with a close above $2 this month, the price action could suggest it is mirroring the 2017 bull run. Interestingly, the 2017 bull run presented massive gains following the bullish March performance, as XRP rallied by an additional 15,367% to $3.31 by January 2018.
If it follows this path, more gains could be on the horizon. CryptoBull predicts that if the trend continues, XRP could more than double its price in December, eventually closing the month at the $5 price. This would mark a new all-time high.
Meanwhile, CryptoBull sees XRP reaching a higher upside target after claiming a new ATH of $5 by the end of December 2024. According to the analyst, the altcoin could push further to a two-digit price of $30 by the end of January 2025.
The $30 price would mark a substantial 1,835% increase from the current $1.55 value, still substantially lower than the 15,367% gain XRP secured in 2017. However, this $30 price would take XRP’s market cap to $1.7 trillion, slightly lower than Bitcoin’s $1.9 trillion valuation. This shows the substantial capital inflow necessary to hit $30.