XRP is in the spotlight again, thanks to a prediction from crypto analyst Alan Santana on TradingView. The analyst believes XRP could rally up to 120% in six months.
This prediction is based on two potential correction scenarios that could send XRP to new highs, challenging the levels reached in July after the favorable court ruling in the lawsuit with the U.S. Securities and Exchange Commission (SEC).
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According to Santana, if XRP corrects to around $0.51, it could still experience a substantial rally of 85% within the next six months. However, a continuous drop to around $0.43 could ignite a bigger rally, reaching up to 120%.
Santana’s analysis also revealed a triangle-top pattern in XRP’s chart, which has historically been an indicator of temporary declines before upward surges.
Long-Term Price Target
Concerning XRP’s potential target, the analyst wrote, “Around $5 is the result of past calculations but you would need to look around and find the old charts. If we go into a super-cycle it can be something impossible to guess… But the future is bright, expect to see more than anything you can think of or guess.”
Alan Santana cautioned that predicting future prices becomes more challenging during a super-cycle. A super-cycle is an extended period of sustained growth and price appreciation for the entire cryptocurrency market. It is characterized by multiple successive bull runs, each reaching higher levels than the previous one.
Super-cycles are typically driven by fundamental factors that lead to widespread adoption and increased demand for cryptocurrencies. Santana also noted that XRP has the potential to grow even when Bitcoin corrects, hinting at XRP’s independence from Bitcoin and broader market trends.
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Read Also: State-of-the-Art Machine Learning Algorithm Sets XRP Price for November 30, 2023
The XRP Lawsuit
Despite gaining regulatory clarity, the XRP lawsuit continues to negatively affect XRP. The token was initially expected to enjoy a significant rally after the court ruling, but it has lost most of its gains, even with recent surges. The lawsuit could keep holding XRP down until it is fully resolved.
However, this resolution might come sooner than expected, as the SEC conducted a closed meeting on November 30 to address crucial issues.
The meeting has increased speculation in the market about a settlement between Ripple and the SEC. XRP is trading at $0.64, up about 3% in 24 hours, and a settlement with the SEC could start another massive surge for XRP.
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