Analyst Predicts XRP’s Potential 40x Surge to $27
An analyst has suggested that XRP could experience a significant 40x price increase during the current bull market. This surge, if realized, could propel XRP to a value of $27, potentially surpassing the market caps of Binance Coin (BNB) and Tether (USDT).
XRP’s Impressive Performance
Ripple’s (XRP) performance in the Year-To-Date (YTD) period has been remarkable, with a 96.07% increase. However, in the last 24 hours, XRP faced a 4.59% decline, currently trading at $0.66.
During the week, there were moments when XRP approached flipping Binance Coin’s market cap, sparking speculation about XRP potentially joining the top 3 cryptocurrencies.
XRP to $27? Analyst Insights
Analyst Egrag Crypto explored XRP’s potential throughout a full market cycle, suggesting a potential rise to $1.2 at the beginning of the bull market. Egrag emphasized the significance of a sharp bullish candle triggering this move and highlighted the possibility of FOMO driving the price to $2. The analyst concluded that XRP might even reach an ambitious $27, representing a 40x increase from its current value.
However, challenges may arise in surpassing Tether (USDT) due to the continuous minting of stablecoins and increasing demand during the bull market.
Long-Term Bullish Outlook
On the daily chart, strong support for XRP was observed around $0.60, indicating a high likelihood of the cryptocurrency maintaining trading levels above that mark into 2024. Coin Edition examined the Exponential Moving Average (EMA) and noted a bullish sign with the 50-day EMA (blue) crossing over the 200-day EMA (yellow), a position known as a golden cross.
If the accumulation of XRP continues in the coming months, the token may surpass the $1 mark, signaling a positive trend for the mid to long-term.
Legal Factors: XRP vs. U.S. SEC
The outcome of XRP’s legal battle with the U.S. SEC could also influence its price. Earlier this year, a judge ruled that XRP was not a security, providing Ripple with a partial win and leading to a price increase to $0.96. If Ripple emerges victorious and the judgment occurs during the bull run, XRP’s ascent above $2 becomes a possibility.
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