XRP echoes 2017: Will we see a new ATH in 2024?

• XRP’s price increased by more than 25% in the last seven days. 
• If history repeats itself, then XRP might reach an ATH by the end of 2024 or 2025.

Like most cryptos, XRP also gained bullish momentum last week as it showcased a tremendous performance. It was interesting to note that the token’s current state was similar to that of a past rally, which resulted in XRP reaching an all-time high a few years ago.

Let’s take a look at metrics to find the odds of history repeating itself. 

XRP’s historical trend

As per CoinMarketCap’s data, XRP bulls clearly dominated last week. The token witnessed a more than 25% hike in its price during that period.

At the time of writing, the token was trading at $0.538 with a market capitalization of over $30 billion, making it the 7th largest crypto.

While that happened, Milkybull, a popular crypto analyst, posted a tweet pointing out a major development. As per the tweet, XRP was following a similar pattern to that of 2017.

During that year, a bullish pennant formed on its chart, and a breakout above the pattern resulted in the token reaching an ATH the following year.

A similar pennant was also forming in 2024. Therefore, if history repeats itself, investors might witness XRP reaching new highs in the coming months.

Source: X

Odds of a bull rally 

Since there was a chance of history repeating itself, AMBCrypto analyzed Santiment’s data to see what metrics suggested regarding that.

As per our analysis, the token’s MVRV ratio increased sharply, which can be inferred as a bullish signal. The token’s network growth remained high, meaning that more new addresses were created to transfer the token.

Additionally, buying pressure on the token also increased, which was evident from the decline in its supply on exchanges. However, while XRP’s price increased, its NVT ratio also shot up.

This suggested that the token was overvalued, hinting at a possible price correction in the short term.

Source: Santiment

XRP’s price had touched the upper limit of the Bollinger Bands, which often results in price declines. Moreover, the Relative Strength Index (RSI) went sideways after a sharp increase.

These indicators hinted at a few slow-moving days or even a possible price drop. Nonetheless, the MACD continued to remain bullish on the token. 

Source: TradingView

Read Ripple (XRP) Price Prediction 2024-25  

We then checked Hyblock Capital’s data to look for immediate support and resistance levels for XRP. As per our analysis, if the bulls continue to dominate the market, then the token’s price might soon touch $0.578.

However, in the event of a trend reversal, as suggested by a few market indicators, the token might plummet to $0.510. 

Source: Hyblock Capital