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How High Can XRP Price Go If It Repeats 2017 Bull Run Of 700%?
Published
1 week agoon
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XRP price has continued to stay in the red today, amid a broader crypto market downturn just after the White House Crypto Summit. However, despite the recently volatile move, experts remain optimistic about the long-term trajectory of the coin. A recent analysis suggests that the crypto could mirror its explosive 2017-2018 rally, which saw the coin skyrocket by over 700%. If history repeats, Ripple’s native asset could see a massive price surge, potentially reaching double-digit valuations.
XRP Price Target: Can It Repeat 700% Rally?
In a recent X post, renowned analyst EGRAG CRYPTO has highlighted two key price targets for XRP. He points to historical breakout patterns as a guide for future price action.
The first target sits at $9.7, derived from the midpoint of a triangle breakout pattern. The expert notes that traders should consider taking profits gradually at $8, $9, and $10 instead of waiting for an exact peak. This strategy could help investors secure gains without missing out on price movements.
Meanwhile, the second and more ambitious target is $27, based on XRP’s 2017 surge. During the 2017-18 cycle, XRP soared by 718% from a breakout of around $0.35-$0.39. Applying the same percentage gain to the current cycle’s local top of $3.4 gives a potential price point of $27 per coin.
While this target looks too ambitious, this projection underscores the potential of another massive rally.
Whale Activity Gains Momentum
This bold prediction by EGRAG CRYPTO comes as XRP whale activity has surged significantly over the past few days. In a recent X post, expert Ali Martinez highlighted the trend, saying that the crypto’s “whale activity has been consistently rising over the past three weeks.”
Notably, this indicates the growing participation of the market participants towards the XRP network. Although this could be due to the selling as well, it seems that more investors are entering the market given the recent market trends. Recently, Ripple whales moved nearly $6 billion coins, which has caught the eyes of the traders.
For context, the anticipation over a Ripple Vs SEC lawsuit conclusion has fueled market sentiment lately. On the other hand, the potential launch of XRP ETF in the US has further sparked hopes among traders. Besides, Ripple’s coin also reigned supreme against top cryptocurrencies like Bitcoin and Ethereum over the past few weeks, which indicates the growing market confidence towards the asset.
What Lies Ahead For XRP Price?
XRP price today was down 6% to $2.35, and its trading volume fell 13% to $8 billion. The crypto’s Futures Open Interest also fell 4% to $3.37 billion, reflecting the gloomy market sentiment. However, despite that, the experts maintained a bullish forecast for the asset.
Ripple’s crypto is consolidating within a symmetrical triangle, according to analyst Ali Martinez. A breakout from this pattern could spark a 23% price move, Martinez noted in a recent post.
Echoing a similar sentiment, expert CasiTrades pointed out that XRP is testing critical resistance at the $2.54 level. A breakout above this level could lead to further gains, with potential targets at $2.70 and $3.05. The expert also suggested that XRP may be in the early stages of Wave 3, a bullish pattern that could propel the price to $9.50. This target is aligned with the macro target range of $8-$13.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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24/7 Cryptocurrency News
BTC Rebounds Ahead of FOMC, Macro Heat Over?
Published
7 hours agoon
March 16, 2025By
admin
The crypto market concluded yet another week, primarily sparking investor optimism with recovering price trajectories. Bitcoin (BTC) price recovered from a $76K low to reach $84K right ahead of the U.S. FOMC next week. Whereas, major-league altcoins also mimicked price gains. The global cryptocurrency market cap again embarked upon a trajectory towards the $3 trillion mark as the week comes to an end.
Mentioned below are some of the top crypto market updates reported by CoinGape Media over the past week.
Crypto Market: Bitcoin Advancements This Week
The flagship crypto has witnessed significant developments over the past seven days, keeping investors optimistic despite price turbulence. Notably, global financial services firm Cantor Fitzgerald launched a $2 billion Bitcoin financing business, partnering with Anchorage Digital and Copper for secure institutional access.
On the other hand, Cathie Wood’s Ark Invest expanded its Bitcoin holdings, accumulating 997 BTC worth $80 million via Coinbase this week.
Also, despite the recent market turmoil, 95% of investors in the U.S. spot Bitcoin ETFs continue to hold onto their holdings. As a result, market watchers continue weighing optimism over long-term price prospects.
It’s also noteworthy that the Singapore Exchange (SGX) is planning to launch Bitcoin futures contracts shortly ahead.
Moreover, Deutsche Boerse’s post-trade unit Clearstream plans to launch Bitcoin & Ethereum custody services by the end of this year. Mentioned above are the top crypto market updates orbiting Bitcoin over the past week.
Are Prices Bracing For Macro Events?
Meanwhile, the broader market shows a recovery-like trend ahead of the U.S. FOMC next week. Set to occur on March 19, the monetary policymaking decision remains much eyed by investors globally.
Market-wide expectations of unchanged interest rates by the U.S. Fed prevail at the moment. Also, the latest U.S. CPI data indicated cooling inflation, offering some support to risk assets. In turn, traders and investors speculate whether a price recovery is possible after the turmoil caused by Donald Trump’s tariff saga.
Global markets, including crypto, took severe heat previously, although recent price actions signal that a recovery and bull cycle continuation might be on the horizon.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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24/7 Cryptocurrency News
Solana Cofounder Advocates For Decisive Governance As SIMD-228 Proposal Fails
Published
13 hours agoon
March 16, 2025By
admin
Following the failed bid of a proposal to change network tokenomics, Solana cofounder Anatoly Yakovenko has reiterated the need for decisive governance. Yakovenko argues that failing fast will do more for Solana than a slew of proposal approvals.
Solana Governance Has To Prioritize Speed And Incisiveness
Solana co-founder Anatoly Yakovenko has moved on from the community’s rejection of the Solana Improvement Document (SIMD)-0228. Yakovenko noted that despite the failed proposal, the speed of governance proceedings for Solana left an impressive mark.
The SIMD-0228 sought to change Solana’s tokenomics by introducing a dynamic inflation model, moving away from the network’s fixed inflation schedule. While the proposal split the network over centralization fears and disadvantages to smaller validators, Yakovenko highlighted the silver lining in its rejection.
Learning from the proposal, the Solana cofounder disclosed that the network’s governance must be “fast and decisive.” For Yakovenko, the quick resolution of the proposal frees up resources for the network to explore a better approach.
“How fast the ecosystem iterates is a thousand times more important than making sure that every proposal passes,” said Yakovenko.
Over 74% of validators participated in the vote with Yakovenko declaring support for the proposal. Big ecosystem players including VanEck supported the proposal amid speculation that Solana price will spike following the approval.
Bulls Eye Upward Movement For SOL Price
Despite the rejection of the proposal, bulls are still clinging to hope that SOL can go on a parabolic rally. The network has faced significant downward pressure in recent weeks, complicated by Alameda’s SOL unstaking. A steep drop in Solana DEX volume darkens the cloud for the future of the asset’s price.
However, analysts are keeping their eyes on the potential repeat of a 2021 pattern that can send SOL price to $4,000. There is speculation that Solana is on course to surpass Ethereum’s market capitalization.
Optimist are hinging their prediction on on-chain metrics and the soaring number of projects building on the network. In the short term, traders have their eyes on SOL to $200 before the end of March despite a looming death cross.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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21shares
21Shares To Liquidate Bitcoin and Ethereum Futures ETFs, Here’s All
Published
17 hours agoon
March 15, 2025By
admin
21Shares has announced that it is bringing down the curtain on its Bitcoin and Ethereum futures exchange-traded funds (ETFs). The issuer is eyeing March 28 as a tentative date for the liquidation of both ETFs amid a wave of new filings in the US.
21Shares Set To Liquidate Bitcoin and Ethereum ETFs
According to an announcement, crypto ETF issuer 21Shares has disclosed plans to ditch its Bitcoin and Ethereum futures ETFs. Per the announcement, the affected ETFs are the ARK 21Shares Active Bitcoin Ethereum Strategy ETF and the ARK 21Shares Active On-Chain Bitcoin Strategy ETF.
While the press release did not give clear reasons for the liquidations, it hinged its decision on a periodic review of its offerings. The statement cited a need to align existing product lineups with market dynamics and clients’ needs in a changing landscape.
However, pundits say the liquidations are a result of jarring ETF outflows in recent months.
Shareholders can sell their holdings up until March 27, a date touted as the last trading day for both ETFs. 21Shares plans to put the final nail in the coffin for both ETFs on March 28, liquidating all remaining assets.
“Shareholders who continue to hold shares of a Fund on the Fund’s Liquidation Date will receive a liquidating distribution with a value equal to their proportionate ownership interest in the Fund,” read the press release.
Increased ETF Activity In The Cryptoverse
Despite the wave of outflows, the ETF space is sizzling with frenetic activity. Buoyed by impressive returns, 21Shares slashed fees to 0.49% for its Bitcoin Ethereum Core ETPs.
Bitwise has rolled out its OWNB ETF to track companies holding Bitcoin on their balance sheets. Bitcoin ETF investors continue to put their faith in offerings in the face of price amid Rex Shares launching the first Bitcoin Corporate Bond Convertible ETF
Outside of Bitcoin, several issuers have filed for XRP, HBAR, DOGE, and AVAX ETFs with the US SEC. For Ethereum investors, CBOE has applied to the SEC to approve staking in Fidelity’s ETH ETF.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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