XRP To Hit $40 In 3 Months But On This Condition – Analyst

XRP remains one of the crypto market's current trailblazers rising by 23.21% in the past 24 hours. Over the last two weeks, the prominent altcoin has

XRP price analysis for November 23 reveals that the coin has observed a price surge of 23.21% in the past 24 hours. This brings XRP’s price to $1.78 at the time of writing. The coin has also observed a price gain of 154% in the past two weeks. This places XRP as the sixth-largest cryptocurrency with a market cap of $89.82 billion.

With this momentum and the crypto bull season still in its early stages, several analysts remain bullish on XRP’s potential to reach higher price levels.

In an X post on November 22, an analyst with the username CryptoBull stated that XRP could trade at $40 over the next three months if the token mirrors its first prominent price surge from 2017.

Data from CoinMarketCap shows that XRP rose from $0.006 to a market peak of $0.33 in early 2017, a 5,400% gain.

Considering its recent price rally, the altcoin may be gathering momentum to reproduce such price movement in a highly anticipated crypto bull run, especially considering recent events.

Most notably, popular anti-crypto Securities and Exchange Commission Chairman Gary Gensler recently announced his intentions to resign on January 20, a move largely behind the current bullish sentiment among XRP investors considering the Commission’s long-lasting regulatory battle with Ripple. In fact, Gensler’s decision to leave the SEC has been described as the “best thing” for Ripple, which holds significant weight for XRP’s future.

Gensler’s resignation coincides with the inauguration of pro-crypto incoming US President-Elect Donald Trump who has promised to introduce a more friendly approach to digital asset regulation in the US. Aside from XRP finally being free from the regulatory scrutiny of the SEC, the potential introduction of a spot ETF under Trump’s pro-crypto regime also contributes to bullish sentiments on the altcoin’s profitability.

According to CryptoBull, if XRP follows its price explosion from early 2017, the token is expected to hit a price target of $1.96 in November, $6.30 in December, and $40 in January.

However, CryptoBull’s XRP price analysis also highlights price resistance levels that could hinder the coin’s price surge. If buying pressure proves sufficient to move past these levels, the analyst expects XRP to confront another resistance at $3.84, which represents the token’s current all-time high price.

Considering the current robust bullish sentiments in the market, the altcoin is likely to move past these highlighted resistance levels. However, the token’s Relative Strength Index remains far in the overbought zone (91.73), indicating a significant potential for a price pullback.

At the time of writing, XRP continues to trade at $1.78, reflecting a 79.57% gain in the past week. Meanwhile, the token’s daily trading volume is up by 103.57% and valued at $20.29 billion.

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