A cryptocurrency analyst has recently made a staggering bullish price prediction for XRP, the native token of the XRP Ledger, suggesting it could surge around 58,000% to trade at $250, implying a $14 trillion market capitalization for the cryptocurrency.
The analyst, known as The Great Matsby, made the bold prediction on the microblogging platform X (formerly known as Twitter), with the prediction being based on a technical pattern known as the Bollinger Band squeeze.
The analyst pointed out that XRP is currently experiencing one of the tightest monthly Bollinger Band squeezes in its history, which has often preceded significant price movements in the past.
Notably, the last time XRP underwent a similar squeeze, it resulted in a remarkable 60,000% price increase as it surged from around $0.006 to an all-time high near the $4 mark before correcting. XRP is now trading at $0.44, and a similar move would now take it beyond the $250 mark.
A $250 $XRP by 2028??So a ±60000% $XRP does line up with the math of that green angle, which was also a very important support and resistance angle in the past (highlighted). Proof that its not impossiblehttps://t.co/LDzEiKjz5Z pic.twitter.com/v0qHTg9MFv
— The Great Mattsby (@matthughes13) July 11, 2024
Such a price movement would see XRP’s total market capitalization surge to a whopping $14 trillion, far beyond the cryptocurrency space’s current market capitalization of $2.1 trillion. The surge would put XRP’s market capitalization far above that of the world’s largest company Apple, which has a $3.5 trillion market capitalization.
According to CompaniesMarketCap, it would only stand behind gold, with the precious metal currently having a total market capitalization of over $16.1 trillion. Notably, another analyst has recently pointed to a potential XRP price plunge.
The analyst warned that XRP could crash over the next few months to a potential low of $0.07, using Elliot Wave Theory to predict the crash.
Featured image via Pixabay.