Ripple’s XRP could be on course for huge gains in 2024, according to a prominent crypto analyst, based on historical price data.

Following on from Ripple’s partial victory over the US Securities and Exchange Commission (SEC) back in July, many analysts have opined over the future of XRP, with the majority predicting bullish price momentum.

Analyst EGRAG CRYPTO said on X, formerly Twitter, on Tuesday that XRP has “incredible potential.” Looking at TradingView altcoin data, the analysts forecast a potential market gain of 2500% next year, News BTC reports.

EGRAG CRYPTO’s bullish XRP forecast is based on the price history of the token. Indeed, XRP kicked off a robust bullish run between 2016 and 2018, forming a symmetrical triangle pattern, which once again features on the token’s monthly chart.

A symmetrical triangle chart pattern indicates a consolidation period that can either lead to a price breakout or breakdown. Should the bullish forecast remain, XRP may see a similar breakout as previously witnessed.

Furthermore, in line with the forecast by EGRAG CRYPTO, Wells Fargo crypto analyst and business development executive Sharon Thorp recently predicted XRP could reach $500 by 2027, the News BTC report goes on to add.

This forecast is founded on the projected growth of the cross-border payment industry, which is expected to hit $250 trillion in valuation by 2027.

XRP is trading at $0.4805 at the time of writing, falling by 4.32% over the past week. The altcoin is the fifth-largest cryptocurrency, with a market cap value of $25.46 billion.