XRP might mirror the 2017 pattern to hit $2 in 2024

The past few years have been a struggle for XRP, primarily because of the SEC lawsuit. The coin is currently trading at $0.52 (at the time of writing), with a 0.96% surge in the past 24 hours.

The overall finance market is rejoicing with the approval of Bitcoin and Ethereum ETF. However, unlike most of the other major tokens, XRP has failed to showcase immense growth in 2024. 

While the news is alarming, some analysts see it as pent-up momentum. Experts are drawing parallels to XRP’s performance in 2017 to highlight a historical pattern.

The coin lay dormant for a while in the year before making the unforeseen 63,000% surge in months. Experts have also pointed out that XRP seems to be paying homage to its performance in 2020 and 2017.

Under such scenarios, an asset of XRP’s caliber can showcase extreme fluctuations. However, XRP’s price movement has already solidified its position in the market. XRP holders are praying for the SEC lawsuit to come to an end.

With the ETF buzz and the upcoming XRP stablecoin, XRP can get a boost for an optimistic outlook. If this happens, XRP can reach as high as the $2 mark in 2024 alone. 

Even then, the coin would be far from its all-time high of $3.84, achieved in 2018. In terms of market cap, the coin currently holds the 7th position among the top cryptocurrencies.

While there is no certainty with cryptocurrencies, XRP appears to be in the perfect spot to make a miraculous comeback. The biggest hurdle in its course seems to be the SEC lawsuit, which might still take time to wrap up.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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