The XRP price has surged this month, moving above the upper side of the symmetrical triangle pattern. Ripple jumped to the crucial resistance point at $3, its highest point since January, and a few points below the all-time high of $3.40.
Sistine Research Predicts XRP Price to Hit $33 to $50
The ongoing Ripple price surge has triggered more bullish forecasts among analysts. One of these analysts was Sistine Research, which predicted that the coin would jump to between $33 and $50 in this crypto bull run.
With XRP trading at $2.90, it means that it needs to jump by between 1,037% and 1,624%, respectively. Such a move is possible since XRP has jumped by over 26,000% since its inception and 1,300% in the last five years.
Most recently, the XRP coin jumped by 572% between November 4 and January 5, indicating that another 1,624% increase is possible. However, such a move would take years, not months, to happen.
Assuming the current circulating supply remains, XRP would have a market capitalization of approximately $1.95 trillion and $2.96 trillion, respectively. The latter figure would make it much bigger than where Bitcoin is today.
There are potential catalysts that may help the XRP price reach these targets. The most important one is a Bitcoin surge. As we wrote here, we believe that Bitcoin will ultimately flip gold’s market cap of $22 trillion.
Such a move would mean that BTC surges to $1,106,082. Assuming the current XRP/BTC ratio remains at 0.00002361, the XRP price would increase to $26 if Bitcoin reaches $1,106,082. $26 is a few points below the lower side of the $33 target.
Other potential catalysts that may drive the XRP price to between $33 and $50 include ETF approvals, institutional inflows, its success in surpassing Swift in global payments, and the growth of the Ripple USD (RLUSD) stablecoin.
Short-Term Ripple Price Forecast
XRP price chart | Source: TradingView
The daily chart shows that the XRP price has staged a strong comeback recently, as it has soared close to its all-time high. It jumped above the descending trendline that connects the highest swings since January this year. This trendline was the upper side of the symmetrical triangle.
It was also the upper side of the symmetrical triangle pattern, a highly popular bullish continuation sign. It also jumped above the 23.6% Fibonacci Retracement level.
Therefore, the XRP token is likely to continue rising as bulls target the year-to-date high of $3.40. A clear breakout above that level will point to more gains to the extreme overshoot point of the Murrey Math Lines at $3.5156, up by 25% from the current level. Such a move will then push it to the psychological point at $5.
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