3 August 2024
A crypto analyst predicts that the price of XRP, the native token of the XRP Ledger (XRPL) could witness a 1,000X rally soon. Despite the recent significant decline in the cryptocurrency’s price, the analyst remains confident in the future outlook of XRP.
XRP Gears Up For 1,000X Surge
A crypto analyst identified as ‘Mickle’ on X (formerly Twitter) has shared bullish insights on XRP’s future value, emphasizing the cryptocurrency’s potential to break out of bearish trends and witness a massive rally to new highs.
During his video post, Mickle revealed that XRP could witness a substantial bullish surge of 1,000X soon. This means that the crypto analyst expects XRP’s price to rise from its current value of $0.57 to $570 in this bullish cycle.
The analyst has based his ambitious predictions on a positive regulatory change in the United States. According to Mickle, the US is set to witness a massive political shift that could favor the industry by providing clear regulations for cryptocurrencies to prosper. As a result, prominent cryptocurrencies including XRP are poised for a major breakout.
Mickle disclosed that the cryptocurrency community has endured an extremely hostile environment in the US, marked by numerous leading regulatory agencies taking seemingly aggressive enforcement actions against the industry. Despite these challenges, the analyst indicated that the crypto space has shown remarkable resilience and tenacity, emerging stronger after winning multiple court cases and successfully pushing for pro crypto legislation.
Despite the recent decline in the price of XRP, Mickle continues to remain bullish, doubling down on his predictions in his most recent posts. According to the analyst, XRP’s price movement is currently in the process of finishing a massive formation similar to a symmetrical triangle pattern seen between 2013 to 2017.
Mickle highlighted that during XRP’s triangle formation from 2013 to 2017, the cryptocurrency faced multiple declines and bearish sentiments. However, despite the downtrend, XRP experienced an unexpected surge, reaching new price levels.
Based on this analysis, the crypto analyst suggests that XRP is currently in a similar bearish trend but with a bullish outlook ahead. He believes that if XRP successfully completes this symmetrical triangle pattern, it could potentially witness an exponential breakout to the upside.
XRP Price Plummets Below $0.6
Earlier this week, XRP’s price was trading above the $0.6 mark, displaying a strong tendency to break out of bearish trends and continue its upward momentum. However, in the last 24 hours, the cryptocurrency has dipped by a massive 10%, presently trading at a price of $0.57.
According to CoinMarketCap, XRP has also recorded a sharp decline of 4.2% over the past seven days. This unexpected price dip comes as the legal battle between Ripple and the United States Securities and Exchange Commission (SEC) nears conclusion.
Nevertheless, market intelligence platform, Santiment has revealed that when prominent cryptocurrencies like XRP, ETH, BTC, and others show low 7-day average trader returns, it suggests an increasing likelihood of a price rebound.
Featured image from Seeking Alpha, chart from TradingView