The price of Ripple-linked cryptocurrency XRP has witnessed considerable selling pressure recently following a crypto-wide drawdown last week. However, this has not deterred analysts from sharing ultra-bullish targets for the coin. Popular chart analyst EGRAG Crypto eyes an explosive rally to $27 historic highs in this market cycle based on a key technical setup.

Historical Pattern Hints At $27 XRP Price

EGRAG Crypto noted in a Dec. 26 X post that XRP has crossed the 21 Exponential Moving Average (EMA) over a two-week timeframe, suggesting a bullish outlook for the cryptocurrency. When this happened in 2017, XRP saw a 50,000% price jump.

If history repeats itself, the analyst projected that the coin could climb to $27, representing a 4,770% price increase. When compared to the 2017 mega upsurge, a pump to the $27 level would be just around 10% of the meteoric growth witnessed back then.

EGRAG Crypto voiced confidence that the Ripple-promoted token would reach this price point, citing the coin’s stratospheric price action back in 2017.

Notably, the XRP price has successfully held above the psychologically important $2 level despite the latest market catastrophe. The next resistance for XRP lies at $2.60, a decisive break above it would set the stage for a surge past its current lifetime high of $3.84 and beyond. XRP’s historic record fuels anticipation for a repeat of its previous achievements amid heightened adoption.

Upcoming SEC Leadership Shakeup, Potential XRP ETFs To Boost XRP Price 

Industry commentators have been optimistic that the U.S. Securities and Exchange Commission (SEC) will finally settle with Ripple following Donald Trump’s victory against Kamala Harris in the November 2024 presidential elections. This could be a watershed moment, marking the conclusion of the multi-year-long courtroom showdown. Pundits and investors alike have high expectations for upcoming Securities and Exchange Commission Chair Paul Atkins.

XRP has already gained over 300% since Trump’s electoral win, with experts anticipating an extended upsurge. Moreover, there’s been an increasing demand for spot XRP exchange-traded funds (ETFs) following the resounding success of similar products based on Bitcoin (BTC) and Ethereum (ETH). Some popular asset managers such as Bitwise, Canary Capital, 21Shares, and WisdomTree have already filed paperwork with the SEC for an investment vehicle offering direct XRP exposure.

The anticipated approval of XRP ETFs for listing on Wall Street could spark renewed interest, propelling the price of XRP to double digits. In October, Garlinghouse said he believes greenlighting of XRP ETFs is “inevitable.”