The future of the XRP price has been a hot topic among crypto analysts for some time now. Most of these analyzes focus on the possible price movements as the bull market unfolds, as well as possible price targets. In the same vein, crypto analyst CryptoBull has presented its own bull case for the altcoin, with the most realistic price targets.
Long time price channel shows realistic price
In the CryptoBull analyst posted on the XRP price channel. .
According to CryptoBull, based on this data, the most realistic price for the altcoin is currently somewhere between $13 and $39. “The long-term price channel will show the most realistic #XRP price between $13 and $39 in the coming months!” according to CryptoBull.
The long-term price channel shows the most realistic #XRP price between $13 and $39 in the coming months! pic.twitter.com/iuePJitybs
— CryptoBull (@CryptoBull2020) February 29, 2024
While the low end of this channel of $13 was more realistic, the high end of $39 has drawn criticism from the community. Responding to CryptoBull’s prediction, another X user, Ben McClymans, said it was “crazy talk.” This is because if the price of XRP were to reach $39 per coin, its market cap would have to be larger than that of Ethereum, which is currently the second largest cryptocurrency on the market.
Other members of the community, however jumped in defense of XRP, and reminded Ben that XRP’s market cap had previously flipped Ethereum. Given this, they believe that it is possible that it will eventually switch to Ethereum again.
XRP price performance worries investors
The XRP price performance in recent years has investors worried, as while other altcoins reached new all-time highs, XRP continued to struggle. However, this is understandable considering that the US Securities and Exchange Commission (SEC) sued Ripple in 2020, which negatively affected XRP’s performance.
The XRP price had fallen after the announcement alone and did not recover as well as expected. There is light at the end of the tunnel, however, as the lawsuit with the SEC appears to be coming to an end. It appears that the court is leaning toward a settlement, which would put an end to the case once and for all.
To get an idea of what might happen to the XRP price once the lawsuit is over, we can look at what happened when Ripple scored a partial victory over the SEC in 2023. After Judge Analisa Torres declared that XRP programmatic sales did not qualify as securities, XRP rose more than 60% in a single day.
The lawsuit is currently the biggest drag on XRP’s price performance, and the price is expected to rise once it is over. If this is the case, CryptoBull’s prediction could ultimately come true.
XRP trending at $0.58 | Source: XRPUSD on Tradingview.com
Featured image from Bitcoinist, chart from Tradingview.com
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