The crypto market is showing bullish sentiment again after Bitcoin reached a new all-time high, while XRP remains at $2.40. Analyst CryptoBull believes this calm could be a precursor to a sharp rise.
Historical Parallels with 2017/2018 Market
Drawing on his market observations, CryptoBull dismisses comparisons between XRP's current position and the excitement of 2017 when the token surged from $0.30 to $3.84, fueled by emotional factors. Today, XRP does not reflect market initiatives, which the analyst sees as signs of accumulation ahead of a rise.
CITE_W_A: "With XRP sitting at $2.40, it's dead here. I was here in 2017/2018, and the euphoria was insane. That means XRP will go so much higher." — CryptoBull (@CryptoBull2020)
Ripple's Regulatory Wins and XRP Utility
Judicial decisions in Ripple's case in 2023 which confirmed XRP's status as not a security on secondary markets provided needed legal clarity. This facilitated its relisting on major platforms, increasing liquidity. XRP is actively used in transactions through RippleNet, making it a key vehicle in cross-border payments. The real demand for XRP highlights its growing value beyond market speculation.
Technical Factors and Timing for Growth
XRP's current price of $2.40 resembles previous consolidations before breakout phases. Historically, XRP has often demonstrated dramatic rises after Bitcoin's volatility begins to cool. CryptoBull emphasizes that the current "dead" sentiment in the market is often a prelude to major price spikes when investor interest returns.
Clearly, XRP's calm stance may set the stage for significant growth, considering both historical trends and current market conditions. It is expected that when the overall sentiment in the crypto community shifts, XRP could capture attention and exhibit the volatility characteristic of its previous cycles.
