XRP Price To Rally To Double Digits As It Mirrors 2017 Rally

Crypto analyst Galaxy has drawn similarities between the current XRP price action and the 2017 bull run, when the altcoin recorded significant gains.

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At least one cryptocurrency analyst has drawn similarities between the current XRP price action and the 2017 bull run, when the altcoin recorded massive gains. The analyst predicts that the altcoin could soon rally to double digits, mirroring the 2017 rally.

Earlier this week, crypto analyst Galaxy took to X, formerly Twitter, to indicate that the XRP price could rally to double digits as it mirrors the 2017 rally. He stated that XRP is almost perfectly following the breakout pattern of 2017 after 6 years of consolidation.

The longer the consolidation, the bigger the price move, and in the case of XRP, it has been consolidating for 6 years, hinting at a potential huge move if it breaks out.

He noted that XRP broke out of its consolidation pattern in December 2023, almost exactly six years after it began consolidating in early 2017. After the breakout, the altcoin quickly rallied to $10 in 2017, and it could soon rally to double digits again.

Image: XRP price action in 2017 vs now / Source: Galaxy on X

His accompanying chart showed that the XRP price could rally to almost $40 on this breakout. The analyst seems convinced that the altcoin could witness such a parabolic move, considering that XRP surged by 61,000 percent in 280 days in 2017. The chart also showed that the altcoin will likely reach this target sometime next year.

Another crypto analyst, Egrag Crypto, expects the XRP price to reach between $27 and $33 in this market cycle. He believes that a repeat of the 2017 historical performance makes these price targets achievable for the altcoin.

The analyst noted that if XRP can rise by 5,200 percent in eight months, as it did in 2017, then it can also surge by 1,080 percent in four months to reach his target of $27 by December 2024.

He added that if the altcoin continues its rally next year and witnesses a 5,167 percent rally in ten months, as it did in 2017, then it could reach his final target of $33 by August 2025.

Some crypto analysts have pointed out that the XRP price has enough room to rally on the upside from its current level. For instance, veteran trader Raoul Pal highlighted a bull flag that had formed for the altcoin, following its consolidation phase after last year’s rally.

According to Pal, this bull flag pattern suggests that XRP will likely witness a bullish continuation after this consolidation phase, possibly rallying to as high as $5. This would mark a new all-time high (ATH) for the token.