A market analyst has suggested that XRP can repeat its 2017/2018 historic run, insisting that people always doubt something is possible until it happens.
XRP has sustained its range-bound movements over the past three months. Notably, price upswings to highs like $3 in March have met intense resistance, while slumps to lows like $1.6 have triggered rebounds, with XRP largely maintaining a position around the lower ends of the $2 mark.
Despite this extensive consolidation, some proponents remain confident that XRP still has the potential to reach ambitious price levels, with the $1,000 mark often featured in these discussions. For instance, Matthew Brienen, the COO of CryptoGuard, suggested XRP could reach $100 to $1,000 over the next ten years.
XRP Rallied 68,990% to $3.8 in 2018
However, critics have argued that such price predictions are unfeasible, citing market cap constraints. Meanwhile, analysts like BarriC continue to champion them. In his most recent commentary, he insisted that such an upsurge is possible, considering XRP’s impressive historical performance.
BarriC XRP Commentary
For context, XRP demonstrated one of the best performances by any altcoin during the 2017/2018 bull run. BarriC suggested that the asset rallied from $0.006 to an all-time high of $3.8 during this run. However, the reality was actually more impressive.
Notably, XRP began in March 2017, the month in which the uptrend started, at $0.0055. That month alone, it surged 284%. The rally persisted until it hit a peak of $0.3988 in May 2017, after which, it faced resistance and consolidated for six months, until November 2017.
Following this extensive consolidation period, XRP resumed the uptrend, this time, soaring to the all-time high of $3.8 in January 2018. Remarkably, the run from $0.0055 to $3.8 represented a massive 68,990% increase in less than nine months.
Can XRP Surge 45,982% to $1,000?
At the time, most analysts believed such an uptrend was impossible for XRP, especially considering it started the bull run on a bearish note, dropping 42% from October 2016 to March 2017. Citing this historical precedent, BarriC argues that XRP can repeat this run, noting that people often insist something is impossible until it actually happens.
Notably, the pessimism around an explosive surge to $1,000 has been loud, and understandably so. For perspective, at $1,000, XRP would have a fully diluted market cap of $99.98 trillion, over four times the current market cap of gold. This seems highly improbable. Finance expert Rajat Soni argued that those who eye even a $100 price for XRP have a “mental disability.”
Nonetheless, BarriC is convinced that XRP to $1,000 will happen, albeit not soon. For context, at the current price of $2.17, XRP must surge by a massive 45,982% to reach this $1,000 mark. Despite the upsurge necessary for this price target, BarriC believes this “impossible situation” will happen, just like it did in 2017/2018.
