The latest XRP news indicates growing optimism among traders and investors.

Popular crypto market analyst Egrag Crypto has set ambitious XRP price targets, forecasting a potential 718% rally that could see the asset reach $27.

Popular crypto market analyst Egrag Crypto has set ambitious price targets for XRP, forecasting a potential 718% rally that could see the asset reach $27. This bold projection is rooted in Ripple (XRP) news and historical price movements, particularly its breakout performance during the 2017-2018 bull cycle.

Past performance is never a guarantee of future results, but market cycles often show patterns that traders and analysts use to forecast potential price action. Egrag Crypto notes that if XRP/USD mirrors its previous rally, it could first aim for $9.7 before targeting the more ambitious $27 level.

Key Resistance Levels and Market Conditions

For the price of XRP to justify such a large move, it must first break through significant resistance levels. The asset is currently facing notable roadblocks at $2.62 and $3.00, with $3.40 being a significant one. The level is the local top of the current bull cycle, and a breakout above it could be the harbinger of a more prolonged rally.

If XRP replicates its 718% surge from the 2017-2018 bull run, a breakout from the $3.4 local top could propel it to $27. Source: EGRAG CRYPTO via X

Other than technical analysis, underlying market fundamentals will also drive Ripple price action. Increased buying pressure, institutional buying, and regulatory clarity are some of the factors that will drive Ripple cryptocurrency higher. Significantly, the ongoing SEC lawsuit against Ripple continues to be a gigantic overhang, although there is speculation that an end is nigh.

Analyst Insights: XRP’s Bullish Catalysts

Egrag Crypto is not alone in his bullish stance. Other market analysts, such as Dark Defender and JAVON MARKS, have also highlighted Ripple market strength. Dark Defender recently noted that Ripple ledger broke a multi-year resistance line in late 2024, a historically bullish signal.

XRP has broken multi-year resistance, confirmed new support and remains bullish, making it the strongest setup seen yet. Source: Dark Defender via X

“I’ve never seen XRP more bullish than this before,” Dark Defender stated, emphasizing that past resistance levels are now acting as support. This shift in market structure suggests a potential breakout in the coming months.

“XRP must break the $3 psychological resistance to hit a new ATH.”

— Dark Defender (@DarkDe79676446) August 28, 2024

Meanwhile, JAVON MARKS pointed out that Ripple crypto price action resembles its 2017 pattern, which preceded an explosive rally. “If history repeats, we could see a bull run greater than many expect,” Marks commented.

Whale Activity and Market Sentiment

Adding to the bullish case, whale activity around Ripple has been rising significantly. Crypto analyst Ali Martinez recently observed that large XRP transactions have surged, with nearly $6 billion worth of the asset being moved by whales in recent weeks. While large transactions can signal either buy or sell XRP pressure, increased whale activity often indicates heightened interest from institutional investors.

“Over the past three weeks, there has been an escalation in large transactions. In total, approximately $5.9 billion worth of XRP has been moved by whales.”

— Ali Martinez (@ali_crypto_az) August 24, 2024

Despite recent price volatility, the broader Ripple news sentiment remains optimistic. Reports indicate that the XRP price is consolidating within a symmetrical triangle pattern, a technical setup that often precedes major breakouts. Analyst CasiTrades highlighted that Ripple is testing the $2.54 resistance level, with a breakout above this range potentially triggering further gains toward $2.70 and $3.05.

The Regulatory Factor: SEC Lawsuit and ETF Speculation

One of the biggest overhangs looming over SEC is its ongoing court struggle with the U.S. Securities and Exchange Commission (SEC). The Ripple case, which began in 2020, has been one of the main sources of price suppression. However, recent gossip has speculated that the case is finally coming to a close.

Anthony Scaramucci, the creator of SkyBridge Capital, has recently indicated that the SEC may have quietly dropped its case against Ripple.

“The SEC has dropped its case against Ripple. They didn’t want to go to trial. They got their point across. We’re now awaiting the judge’s ruling, which could take around 60-90 days. After that, we can expect to see a slew of crypto ETFs hit the market.”

— Scaramucci

No confirmation is available yet, but a favorable result could be a good bullish catalyst for Ripple Bank of America and other institutional partnerships.

Another cause of positive sentiment is the potential for an XRP exchange-traded fund (ETF). While still in the hypothetical realm, a Ripple ETF would bring greater market accessibility