Ripple’s native cryptocurrency, XRP, was one of the top performers in the crypto market, with 35% gains in the last month of July. Some market analysts believe that the XRP outperformance could continue going ahead, giving mammoth targets of $25 on the condition of a mega Bitcoin bull run.
Bitcoin has been experiencing severe price correction over the past week as the global macro conditions worsen. The Bitcoin price slipped under $50,000 on Monday; however, it recovered during the day’s end amid a strong recovery in the US futures market, per the CNF report. Market analysts believe that Bitcoin can recover from the market crash very soon, thereby creating a strong spillover across the entire market.
From yesterday’s lows, the BTC price is already up by 10%, shooting past $55,000, while the XRP has gained past the crucial resistance of $0.50. At press time, the XRP price is trading 13.01% up at $0.5019 and a market cap of $28.1 billion.
On the other hand, market analysts have now been betting on VanEck’s prediction of the Bitcoin price hitting $2.9 million by 2050 as a base case scenario, per the CNF report. Thus, using this as a reference point, analysts are now predicting how far the XRP price could rally in this scenario. For example, analyst Javon Marks predicts that XRP could surge to an ambitious $150, basing his analysis on a breakout from a multi-year downtrend, per the CNF report.
The XRP Price Action
After a power-packed July, XRP traders are now keen on what’s going ahead. After rallying to $0.65 last month, XRP faced the heat of the global market correction, dropping to $0.43 on Monday. As said, the XRP price has recovered from yesterday’s lows and is currently trading past $0.50.
According to analyst Northstar, a long-term symmetrical triangle pattern on the two-week chart highlights XRP’s ongoing challenges since its peak. The below chart reveals multiple unsuccessful attempts by XRP to break above the triangle’s resistance. This has led to a recent breakdown below the support line at approximately $0.55.
