A recent report suggests that $XRP, despite experiencing a 22% drop from its peak of $0.93, may potentially surge by as much as 2,400% to $18 based on a historical pattern that has been identified by a technical analyst. The pattern is characterized by recurrent dips and rebounds visible on XRP’s daily trading charts.
The analyst predicts that after reaching the $4.3 mark, $XRP will dip to $1.6 before moving up to $7.4. Then, the price will move back down to $6, before continuing to rise to $18. While this prediction is based on a recurring pattern that has been relatively accurate to date, analysts often caution that past performance is not necessarily a good indicator of future price movements.
Recently, XRP has risen to the top of the cryptocurrency space when it comes to trading volume, accounting for a stunning 21% of the market’s volume amid a price explosion of over 60% in a single week. This surge in trading volume is attributed to a federal judge in New York determining that XRP “is not necessarily a security on its face” in the legal battle between Ripple, a major player in the XRP space, and the U.S. Securities and Exchange Commission (SEC).
Various analysts have been bullish on the cryptocurrency after the ruling came out, with some predicting a surge in XRP’s price to $6. Moreover, another analyst has suggested that XRP may potentially experience a downward adjustment to approximately $0.65, which is not necessarily a cause for concern, as it could potentially set the stage for a bullish resurgence. According to this analyst’s analysis, the post-dip rally could escalate XRP’s value to a high of $0.90.
Source: CRYPTOGLOBE
