Bitcoin, the largest cryptocurrency by market cap, has broken previous highs and set a new record high at $111,861. However, as the big bull continues its unwavering streak, alternative tokens fail to follow the asset’s direction.
Ripple’s XRP, a leading altcoin, was one of many that failed to meet market expectations last week. Despite this, market analysts’ sentiments are firmly within bullish territory.
Egrag Crypto, a prominent analyst in the X crypto space, has made an assertion validating multiple bullish possibilities for the asset.
The analyst revisits XRP’s 2017 performance and explains that a breakout could be around the corner if the altcoin mimics historical patterns.
“If XRP is repeating the last section or pattern from October 2017, we might be on the brink of a major breakout soon! Back in October 2017, XRP took roughly 63 days to explode and set a new all-time high, skyrocketing by an astonishing 1,772%!” He wrote.
The analyst added that if XRP follows this pattern, the asset could reach the $27 mark in the next few months.
He points to the 21-week EMA as a virtual support level and a last line of defense for the XRP. As such, remaining above the $2.30 price mark could sustain the bullish momentum.
For the bullish breakout to occur, XRP bulls are expected to close above the Fib 1.414 level around the $2.70 price mark, which would be indicative of a strong bullish signal going forward.
The ultimate target, however, is a break above the $3.00 high reached in February. The analyst remains convinced that this move could happen in the near term.
“Cycle analysis: If we mirror October 2017’s duration, the peak might occur around July 21, 2025 — roughly two months from now! A cycle top in July suggests BTC may also challenge new ATHs within the next 40 days.” He concluded.