Following a week-long period of sideways movement, XRP has resumed its bullish trajectory gaining by 19.81% on Friday to reach a local peak of $1.84. During this price rally, market shares of the prominent altcoin rose to $104.96 billion, as it became the fifth-largest cryptocurrency brushing past Binance Coin (BNB).

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XRP Set To Reach $5, But Major Correction Awaits – Analyst 

Amidst the high bullish sentiments in the XRP community, renowned analyst EGRAG Crypto has painted a potential price trajectory for the altcoin. According to EGRAG Crypto, if XRP’s current price gain is to mirror a previous pattern from 2017 where it experienced a major increase of over 1273%, the crypto asset is likely to trade as high as $5.2 – $5.3.

This prediction rallies with previous forecasts by analysts where the altcoin is tipped to reproduce its first major price explosion recorded in early 2017, following a 200% price surge in the last month. However, EGRAG’s version of this bullish prediction warns that XRP is likely to experience a 63% price decline following an ascent to above $5. 

Albeit, the analyst highlights that this potential price fall to around $1.94-$1.96, a price range that is higher than the coin’s all-time high recorded in 2021 suggesting much possibility of a massive price rally in the coming bull run.

Nevertheless, EGRAG also warns that while XRP’s current price action is similar to 2017-2018, the timeline of the anticipated price surge will likely change. The analyst explains in a “SPACETIME thesis” that the digital coin may experience a similar level of percentage price gain but not within the same time frame as previously seen.

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Author: Semilore Faleti