Renowned analysts affirm XRP price will rise to $10 after brief correction
|- Pseudonymous analyst behind the Twitter handle @CredibleCrypto states that XRP looks primed for volatility and is likely to hit between $20 to $30 in this bull cycle.
- XRP consolidated for ten days, and despite a clear outlook on where the altcoin is headed next, analysts predict that a breakout is underway.
- XRP worth $10.4 million was recently transferred to a Nexo account in a transfer that cost $0.000012, implying that XRP transaction fee is minimal and transactions on the XRP blockchain are scalable.
Historically the most significant gains in altcoins have appeared in the last leg of the bullrun. Analysts expect a repeat of the XRP price action in the 2017 bull run where the altcoin’s price rallied nearly 1400% in less than 30 days.
Analysts predict that XRP is likely to break the all-time high of $3.40 and enter price discovery mode
XRP has remained largely range bound in the past week, trading below $1.34 consistently. Despite consolidation, analysts posit that XRP is on the verge of a breakout, similar to the 2017 price rally.
Analyst behind the Twitter handle @CredibleCrypto shared his analysis on a recent strategy session on YouTube. According to the pseudonymous analyst, if the altcoin breaks past its all-time high of $3.40 over the next few months, the next target is $10.
I think if we can break the all-time high within the next few months, then we’re easily going to go – 3 to 5X is very reasonable. Again, in 2017 we went 10X. 3 to 5X is easy. $10.00 minimum is where I’ll consider taking profits.
@CredibleCrypto’s bullish target is $20-$30 by the end of the current bullrun. The analysis relies on a drop in sell pressure in the days following a breakout past $3.40. Interestingly, the analyst does not comment on the competition faced by XRP from Dogecoin and Polkadot that rank in the top 10 cryptocurrencies by market capitalization.
Kevin Cage, a YouTube content creator and XRP analyst shares @CredibleCrypto’s bullish outlook. In July 2021, the analyst predicted that XRP’s price was set to double, and it did, like clockwork. Cage shared details of his prediction on crypto Twitter and stated that there is more to come.
The XRP community has closely followed developments in Ripple (the payments technology company behind XRP) v. Securities Exchange Commission (SEC) case. Since Ripple Labs owns a large percentage of XRP, nearly 60%, 60 billion of the 100 billion tokens in circulation, Ripple is intrinsically tied to the value of XRP.
Therefore, the outcome of the Ripple v. SEC case is expected to impact the altcoin’s price significantly. Based on the latest court proceedings, the “fair notice defense” is Ripple’s go-to strategy for a win in the case.
“Fair notice” means no person should be forced to speculate as to the meaning of statutes. All are entitled to be informed as to what the state commands or forbids.
Attorney Jeremy Hogan of Hogan and Hogan Law Firm analyzed the documents in the Ripple v SEC case and believes that the recent depositions have paved the way for Ripple’s win in fair notice. The anticipation of a positive outcome is conducive to XRP’s price action in the following weeks.
The fact that the cost of transacting on the XRP blockchain is low relative to other altcoins increases its utility and demand for remittances. This feeds the narrative of an increase in demand and a drop in selling pressure positively.
Recently, a transfer of XRP worth $10.4 million from an unknown wallet to Nexo, a platform for instant crypto loans and savings accounts, cost $0.00012. Overall this builds a bullish case for the altcoin’s demand in the crypto community.
Analysts at FXStreet evaluate where XRP could be headed next based on the altcoin’s price trend.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.