After prolonged consolidation, XRP’s fortunes have turned, as the digital asset climbed 3.11% over the past 24 hours to its price of $0.5468 at press time. This price also represents a significant 5.95% increase over the past week and a much-anticipated change in XRP’s direction. XRP also reached a 24-hour high of $0.5671, crossing $0.56 for the first time this month.
This resurgence has attracted renewed attention from analysts, with some offering forecasts of potential price increases.
Read Also: Financial Experts Predict XRP Price for End of 2024
Analyst Predictions for XRP Price
Several prominent analysts have issued bullish predictions for XRP. Mikybull Crypto (@MikybullCrypto), a popular figure in the XRP community and well-respected analyst, observed the token’s price trajectory and suggested that the digital asset has hit its bottom. If true, this suggests an impending substantial upward movement. Although he did not provide a specific target, he agreed with another prominent crypto figure that XRP is about to repeat history.
Captain Faibik (@CryptoFaibik) also shares this sentiment, and he set a $2.5 target for XRP in the medium term, stating that XRP is about to bounce back.
Other Analysts Weigh In
Dark Defender (@DefendDark) set a lower but significant target of $1.88 for XRP based on a symmetrical triangle formation. The $1.88 target is a mid-term XRP target he has predicted multiple times, and his previous analysis shows that he expects an eventual climb to $5.85.
EGRAG CRYPTO (@egrahcrypto) also adopted a more conservative approach. He employed a more comprehensive model encompassing structural, sentiment, macroeconomic, and psychological factors (SSMP) to forecast XRP’s price movement over the next 300 days.
This model outlines four key stages;
Stage 1 is the Structural Formation, which presents the potential for a substantial price rally within $0.53-$0.58.
Stage 2, labeled Sentiment Status, could see XRP reaching a price range of $0.63-$0.70.
Stage 3, the Macro Range, has a price range of $0.75-$0.85 and signifies the beginning of a more sustained bull run, according to the model.
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In Stage 4, which is the Psychological Battlefield, EGRAG CRYPTO highlights the $0.93-$1 price range as a critical point where emotions like fear, greed, and overconfidence are likely to play a significant role. A monthly close above this range, the analyst suggests, could mark a permanent shift away from prices below $1.
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However, despite the bullish predictions, the legal battle with the U.S. Securities and Exchange Commission (SEC) looms over XRP, as a legal expert believes both parties could appeal the lawsuit after the final ruling.
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