Prominent cryptocurrency XRP continues to be one of the top talking points in crypto in recent months. Following Ripple’s partial victory at the US Securities and Exchange Commission (SEC) in July, analysts have continued to ponder the future of XRP, mainly predicting a bullish price trajectory for the altcoin.
In the latest development, a crypto analyst, EGRAG CRYPTO on
XRP repeats price increase in 2024?
According to a X message on September 12, EGRAG CRYPTO describes XRP as possessing “incredible potential.” Based on data from the altcoin chart on Tradingview, the analyst predicts a possible market gain of 2500% by 2024.
EGRAG CRYPTO’s bullish prediction over XRP is based on the token’s price history. Between 2016 and 2018, XRP embarked on a strong bullish run by forming a symmetrical triangle pattern, which reappears on the token’s monthly chart.
#XRP Only 2500%:
When you realize the incredible potential of #XRP in the diagram below, especially if you break MYTL, then I’m afraid there’s little I can do to convince you.#XRPArmy STAY STABLE and remember that for God’s sake we have clarity. pic.twitter.com/S1097h4ujS
— EGRAG CRYPTO (@egragcrypto) September 12, 2023
For context, a symmetrical triangle chart pattern represents a period of consolidation that could result in a price breakout or a collapse. If the bullish forecast holds, the XRP token could experience a similar price breakout as in previous times.
In line with EGRAG CRYPTO’s prediction, Sharon Thorp, a crypto analyst and director of business development at Wells Fargo, recently predicted that XRP could be trading for $500 by 2027.
This forecast is based on the expected growth of the cross-border payments industry, which is expected to reach $250 trillion by 2027.
However, while these predictions may encourage the XRP community, they are individual speculation and should not be considered financial advice.
Pain before gain?
While there may be bullish sentiment regarding XRP’s potential adoption in the coming years, some analysts believe the token could struggle through the remainder of 2023.
According to a recent X-post According to a pro-XRP analyst, Jungle Inc 2.0, the rest of 2023 does not bode well for XRP or the overall crypto market. The crypto analyst bases this prediction on “difficult financial times,” characterized by rising interest rates by the US Federal Reserve.
Additionally, investors should not forget that Ripple remains in court with the SEC. The US securities watchdog recently filed a petition urging the court to approve his request to appeal the recent ruling in the case against Ripple.
At the time of writing it is XRP is trading at $0.4805 and is down 4.32% over the past week. Meanwhile, the altcoin remains the fifth largest cryptocurrency with a market capitalization value of $25.46 billion.
XRP trading at $0.4830 on the hourly chart | Source: XRPUSDT chart on Tradingview.com
Featured image from CoinMarketCap, chart from Tradingview.