The price of Ripple’s XRP exhibited sideways movement on Tuesday after witnessing a significant increase of approximately 4.35% to close at $0.5681 on the preceding day. This prolonged price consolidation, which has persisted for years, is primarily attributed to adverse macroeconomic conditions affecting cryptocurrency assets, as well as the ongoing legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC) regarding the classification of XRP as a security. Nonetheless, market analysts remain optimistic about the potential for XRP to experience a substantial bull run once it successfully breaks free from this lengthy consolidation period that has constrained its price for nearly seven years.

On September 3, renowned analyst known as “Dark Defender” shared a bullish forecast on the platform X (formerly Twitter), indicating that XRP, the seventh largest cryptocurrency, could soon reach a price target of $18, contingent upon a breakout from its current trading range of $0.6649 to $0.3917. In his analysis, he remarked, “We are witnessing a Déjà vu from 2017 as we stand on the brink of the XRP Bull Run. If similarities persist, we could expect the upper target level of Wave 3 at $18.22, based on the 361.80% Fibonacci level.”

The analyst further underscored significant technical indicators, noting that recent dips in the Relative Strength Index (RSI) correspond with notable price movements. Additionally, a weekly RSI golden cross has now emerged, signifying a potential shift toward bullish sentiment. He highlighted that achieving and maintaining a price above the pivotal level of $0.6649—now positioned above the weekly Ichimoku clouds—will be essential for confirming the next leg of the rally.

This optimistic projection was supported by another analyst, “CryptoInsighttUk,” who offered a historical context for XRP’s performance. Notably, he recalled that on January 7, 2018, XRP attained a price of $3.37 while holding a market dominance of approximately 15.5% within a crypto market valued at $691 billion. Since that time, XRP’s circulating supply has increased by approximately 69%. He posited that should XRP’s dominance return to 15% in today’s market environment, its market capitalization could surge to $330 billion, resulting in a potential price of about $5.50, given that there is no substantial market growth.

Additionally, the analyst speculated that if the overall cryptocurrency market cap expands to $4 trillion or even $9 trillion, XRP could achieve a price range between $11 and $27.5. However, he cautioned that the most significant obstacle is not merely the market cap, but rather XRP’s ability to generate a comparable level of excitement and interest as it did during its previous surge.

Complementing these bullish forecasts, analyst Javon Marks reiterated his positive outlook, drawing a comparison to XRP’s prior bull run. He noted, “XRP currently reflects a trajectory reminiscent of the movements just preceding its remarkable ascent of over 57,000% during 2017-2018. We are on the verge of potentially experiencing another dramatic increase not seen in 6 to 7 years.”

At the time of this report, XRP was trading at $0.5689, demonstrating a gain of 1.58% over a 24-hour period. Despite the existing challenges posed by regulatory scrutiny and market conditions, the prospect of a significant price surge in XRP remains a topic of considerable interest among analysts and investors alike.

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