XRP, the native token of the XRP Ledger, has been under pressure in recent weeks as the broader market slumps and Ripple’s legal battle with the SEC drags on. However, a recent development is sparking renewed optimism among some analysts.

“Deja Vu 2017?”: Analyst Sees XRP Mirroring Historic Rally

A crypto analyst using the handle Tylie Eric has taken to X (formerly Twitter) to share his bullish outlook on XRP. Eric believes the token is poised for a significant rebound, potentially reaching new all-time highs by the end of the year.

Echoes of the Past?

Eric’s optimism hinges on a comparison between XRP’s current price chart and its movements during the 2017 bull run. Back then, XRP surged to an all-time high of $3.84. Eric argues that XRP’s present trajectory aligns with the “wave 3 and wave 5” of the Elliott Wave Theory, a technical analysis tool.

A Bold Prediction: $36.36 by Year-End?

Based on his analysis, Eric projects a staggering price increase for XRP, expecting it to reach $36.36 before 2024 concludes. This translates to a mind-blowing 7,637% surge from its current price of around $0.45. It’s important to note that Eric is a known XRP supporter and his predictions should be viewed with a critical lens.

Is $35 Too Ambitious? Analysts Divided

While Eric’s prediction is certainly eye-catching, other analysts hold a more moderate stance. Some, like MikybullCrypto on X, believe a significant price increase is likely, but reaching $35 might be a stretch for 2024. They suggest 2025 is a more realistic timeframe for such a lofty target.

Positive Signs Amidst the Downturn

Despite the recent price drop, some metrics suggest underlying bullish sentiment. For instance, a negative Netflow on Coinglass indicates investors are moving XRP to private wallets, potentially for long-term holding. Additionally, the Money Flow Index (MFI) suggests a potential buying opportunity due to XRP’s current price point.

Ripple’s “Try It” Feature: A Developer Boon

While the price action remains uncertain, Ripple has taken steps to improve developer engagement. Their newly introduced “Try It” feature within the Ripple Payments API documentation allows developers to test functionalities without logins or real funds. This could streamline the development process and attract new talent to the XRP ecosystem.

The Road Ahead: Uncertain But Hopeful

The coming months will be crucial for XRP. The SEC lawsuit and broader market trends will undoubtedly influence its price. While Eric’s $36.36 prediction might be ambitious for 2024, a potential price reversal and a return to bullish territory seem likely for XRP in the long run, especially with continued developer adoption and a resolution to the legal battle.