XRP’s explosive rally over the past four months has captured investors’ attention, but analysts believe the best may still be ahead.
XRP has surged 400% since November, outperforming much of the crypto market. Fueled by a combination of factors, this rally is far from over, as analyst Egrag Crypto suggested on X last Friday.
According to his analysis, XRP is currently mirroring its 2017 breakout cycle, where it skyrocketed 718% after breaking a key resistance.
“Narratives come and go, but markets move in cycles. Recognizing these patterns helps you stay ahead rather than being misled by hype,” Egrag Crypto noted in his X post.
Based on this pattern, Egrag sets two major price targets: $9.70 as the midpoint of the triangle breakout and $27 if XRP follows its past trajectory.
One key factor in Egrag’s forecast is XRP’s ability to maintain support above key resistance levels. He notes that if XRP holds above $2.50 in the coming weeks, it could set the stage for a breakout toward $10 and beyond.
Additionally, he points to increasing institutional interest and potential upcoming exchange-traded fund (ETF) developments as catalysts that could fuel further demand.
April 16 hearing could catalyze XRP’s next rally
Beyond technical signals, XRP’s price is also being driven by expectations surrounding its long-running legal battle with the U.S. Securities and Exchange Commission (SEC).
SkyBridge Capital founder and former White House Communications Director Anthony Scaramucci made a bold claim regarding the case.
Speaking on The Wolf of All Streets podcast on March 2, Scaramucci suggested that the SEC might have quietly dropped its case against Ripple.
His comment followed the SEC’s decision to dismiss lawsuits against ConsenSys, Gemini, Uniswap, and Coinbase.
However, he provided no concrete evidence to support his statement, and the SEC has yet to make any official announcement regarding the status of its lawsuit against Ripple.
Despite Scaramucci’s speculation, the SEC has continued to pursue its appeal against the ruling on institutional sales.
The case, which has lasted over four years, is set for a crucial hearing on April 16. Many analysts believe that a favorable resolution for Ripple could eliminate regulatory uncertainty, opening the door for broader adoption and potential XRP ETF approvals.
Market confidence and analysts eyes upside
XRP’s ongoing rally has not only caught the attention of traders but has also reinforced confidence among key market analysts.
Like Egrag Crypto, many believe that the asset’s bullish trajectory is supported by both technical and fundamental factors, making a significant breakout increasingly likely.
Crypto analyst Dark Defender has also reinforced the bullish outlook on XRP. In his March 7 post on X, he highlighted three key technical confirmations, which prompted him to state, “I’ve never seen XRP more bullish than this before”.
