Ripple (XRP) Analyst Sets 11,457% Upside Target; Reality Sees 126% Gains Read CoinChapter.com on Google News
LUCKNOW (CoinChapter.com)— XRP has once again found itself at the center of the crypto spotlight as its price attempts to break out of a prolonged consolidation phase. The token failed to mount a rally following Ripple’s recent win against the U.S. Securities and Exchange Commission, highlighting the bearish market sentiment.
Although the SEC has not yet filed an appeal against the ruling, the possibility remains a topic of speculation. This ongoing legal uncertainty continues to weigh on XRP’s future, influencing price dynamics as market participants weigh potential outcomes.
Amidst this backdrop, some market analysts have made bold predictions, suggesting that XRP could skyrocket to previously unimaginable levels, triggering both excitement and skepticism across the crypto community.
The Wild $57 Prediction and a Reality Check
The internet never ceases to amaze, and XRP enthusiasts caught attention with one such projection—a potential price surge to $57.
An analyst set a ridiculous price target for XRP price.
The prediction, derived from an aggressive interpretation of long-term technical patterns, suggests a staggering 11,745% increase from current levels. The notion has been met with a mix of intrigue and amusement.
One analyst’s tweet humorously teased the idea of “Massive Green God Candles Loading” sentiment representing the over-the-top optimism that often characterizes the crypto space. However, a reality check is crucial.
To understand the enormity of this prediction, consider that XRP’s all-time high, achieved during the 2017-2018 bull run, was just shy of $3.50. Reaching $57 would not only dwarf this peak but also imply a market capitalization surpassing $2.8 trillion, assuming the current circulating supply.
This valuation would make XRP the most valuable cryptocurrency, overtaking Bitcoin and Ethereum by a significant margin. Achieving such a valuation would require not just favorable legal outcomes but also unprecedented levels of institutional and retail adoption on a global scale.
Even if Ripple were to secure a favorable outcome, the road to widespread adoption is fraught with challenges, including competition from other digital payment solutions and potential new regulations.
XRP Price Forms Bullish Pattern
Meanwhile, XRP price has formed a bullish pattern called the ‘falling wedge.‘
XRPUSD is moving inside a bullish pattern with a 126% upside target. Source: Tradingview
The pattern typically signals that an asset’s price, while in a downtrend, is losing bearish momentum and may be getting ready for an upward reversal. In the case of a falling wedge, the expected breakout generally follows the prevailing trend, which, in this scenario, is upward.
To estimate the price target for a falling wedge, traders typically measure the widest part of the wedge at its inception. This distance is then projected upward from the breakout point, establishing a potential price target.
A surge in trading volume accompanying the breakout often confirms its validity. Higher volume suggests stronger market conviction, increasing the probability of a sustained price reversal.
According to technical analysis principles, if the XRP USD pair successfully breaks out of the bull pennant, it could theoretically target a level nearly 126% higher than its current price, suggesting a potential rise to approximately $1.28.
Given the insane price targets floating around on social media, a 126% spike still seems reasonable and achievable.
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