The price objective of XRP, which is $0.90 and corresponds with a Fibonacci resistance, looks to be creating a flag pattern, as noted by cryptocurrency trader Be'lakor on Twitter.
Be'lakor issued a warning, though, stating that in order to verify this bullish pattern, XRP must first retake the $0.67 level. Considering the institutional interest in holding the fifth cryptocurrency by market capitalization, this level doesn't appear too difficult to regain.
Is XRP preparing for a huge increase?
However, analyst EGRAG CRYPTO pointed out a crucial support level around $0.50, which held up in spite of recent bad news about Changpeng Zhao's potential arrest and Binance's hefty $4.3 billion punishment for breaking American money laundering regulations. EGRAG says that a massive price spike could be approaching, confirming Be'lakor's forecast.
Head of Social Adoption at XRP Healthcare Edward Farina makes another of the more outrageous forecasts, one that is nearly unfeasible in light of the laws as they stand. If Ripple's payment network, RippleNet, takes the place of the SWIFT system for cross-border bank transactions, he claimed, XRP might soar to $10,000.
He argues that hundreds of billions of dollars are handled internationally by SWIFT. Because of this, even a little portion of that activity may switch to utilizing XRP on RippleNet, which might theoretically propel XRP to the moon due to supply and demand. Will this continue, or is this just another hoax from a cryptocurrency enthusiast?
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