Leading cryptocurrency XRP has remained one of the major talking points in crypto over the past few months. Following Ripple’s partial victory at the US Securities and Exchange Commission (SEC) in July, analysts have continued to focus on the future of XRP, with most predicting a bullish price trajectory for the altcoin.
In the latest development, EGRAG CRYPTO on
Will XRP Repeat Price Rise in 2024?
according to a x post On September 12, EGRAG CRYPTO described XRP as having “incredible potential.” Using data from altcoin charts on Tradingview, the analyst has estimated a potential market gain of 2500% in 2024.
EGRAG CRYPTO’s bullish prediction on XRP is based on the price history of the token. Between 2016 and 2018, XRP embarked on a strong uptrend by forming a symmetrical triangle pattern, which reappears on the monthly charts of the coin.
#XRP Only 2500%:
If you can’t see its incredible potential #XRP In the chart below, especially when breaking through MYTL, I’m afraid I can’t do anything more to convince you.#XRPArmy Be steadfast and don’t forget that we have clarity thanks to God. pic.twitter.com/S1097h4ujS
– EGRAG Crypto (@egragcrypto) 12 September 2023
For reference, a symmetrical triangle chart pattern represents a period of consolidation that may result in a price breakout or breakdown. If the bullish prediction holds, the XRP token could experience a price breakout similar to last time.
In line with EGRAG CRYPTO’s prediction, Sharon Thorpe, a crypto analyst and business development executive at Wells Fargo, recently predicted XRP could trade at $500 in 2027.
This prediction is based on the projected growth of the cross-border payments industry, which is expected to reach a valuation of $250 trillion by 2027.
However, while these predictions may encourage the XRP community, these are personal speculations and should not be considered financial advice.
Pain before gain?
Although there may be bullish sentiment towards the potential adoption of XRP in the coming years, some analysts believe that the token could struggle throughout the remainder of 2023.
according to a recent ex posts According to Junglee Inc. 2.0, a pro-XRP analyst, the rest of 2023 is not good for XRP or the general crypto market. Crypto analysts pin this prediction on “tough financial times” due to interest rate hikes by the US Federal Reserve.
Additionally, investors should remember that Ripple is in court with the SEC. The US securities watchdog recently filed a petition urging the court to grant its request to appeal the recent ruling in its case against Ripple.
At the time of writing, xrp It is trading at $0.4805, 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 is trading at $0.4830 on the hourly chart. Source: XRPUSDT chart on tradingview.com
Featured image from CoinMarketCap, chart from TradingView.