XRP Set to Surge: Analysts Predict $1 Milestone

XRP's value remains steady above $0.60, with investors anticipating a potential surge towards $1. Crypto analyst Egrag Crypto suggests XRP is poised for a bull run, mirroring patterns from the 2017 cycle. A dip in the XRP/BTC pair is projected before the anticipated rally, which could propel XRP towards targets of $1 (non-logarithmic) and $1.2 (logarithmic).

XRP Poised for Bullish Surge as Analysts Anticipate $1 Milestone

XRP's consolidation above $0.60 continues, with investors eagerly awaiting a substantial rally towards the coveted $1 mark. Crypto analyst Egrag Crypto believes the token is on the cusp of a bull run that could potentially propel it to claim $1.

Egrag Crypto's analysis suggests that XRP is entering the final phase before the "Official Bull Run Announcement." He notes that the cryptocurrency is mirroring patterns observed during the 2017 cycle, which was marked by significant price surges across the crypto market.

The analyst highlights a potential dip in the XRP/BTC pair, projecting a decline to as low as $0.00000773 before the anticipated bull run commences. However, he also emphasizes that XRP is currently mirroring its 2017 cycle, entering the final phase before the official bull run announcement.

Egrag Crypto points out the 10th 'W' technical pattern, which he believes is well-aligning with the current market setup. This pattern often precedes significant price movements, adding credence to the belief that XRP may be on the brink of a substantial rally.

In terms of target prices, the analysis provides two potential scenarios for XRP's trajectory. Based on the pattern, XRP could target a non-logarithmic projection of $1 and a logarithmic projection of $1.2.

The achievement of the $1 milestone by XRP would present a favorable opportunity for token investors, particularly considering its prolonged consolidation below this threshold despite the legal clarity attained in the Ripple and Securities Exchange Commission (SEC) case. In the case, Ripple received partial relief after the court declared that XRP was not a security.

Investors are awaiting the resolution of the case, as it will likely have a significant impact on the asset. In the latest development, the SEC filed its remedies-related opening brief, with the proceedings notably remaining sealed from public view. Market interest is in the SEC's arguments for imposing punitive penalties for violations of Section 5 of the 1933 Securities Act.

The SEC could pursue punitive penalties if it can demonstrate that Ripple continued to violate the Securities Act after the initial complaint.

At press time, XRP was trading at $0.62 with daily gains of about 1%. Over the past seven days, the token has gained almost 3%.