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Prominent cryptocurrency analyst, XRP Captain, foresees a bright future for Ripple’s XRP, even as its recent performance remains subdued.
A Rally on the Horizon?
Despite the lukewarm behavior of the altcoin in the past few weeks, XRP Captain is adamant about a significant price surge in the offing.
Bullish Factors Underpinning the Prediction
The underlying confidence in Ripple’s XRP can be traced back to a landmark decision in July when a U.S. judge ruled in favor of Ripple in its protracted lawsuit against the Securities & Exchange Commission. Although this pivotal legal victory hasn’t yet translated into substantial price gains, XRP Captain believes the crypto coin is poised for a meteoric rise.
In a recent article on X analyst said:
“Can you imagine the magnitude when this breakout happens? I won’t be surprised if XRP hits $100 to $130 in next bull run.”
He goes on to project that by the end of 2024, XRP could reach a staggering valuation of $130. Lending weight to his prediction, he highlights a symmetrical triangle pattern evident on XRP’s price chart. It’s worth noting that XRP had previously broken out of a similar pattern in 2017, a year that saw it registering its highest price point to date.
Technical Indicators Aligning for XRP?
Currently, XRP is hovering just below its 20-day Moving Average (MA), priced around $0.51. Should it manage to ascend beyond this MA, it could act as a catalyst, ushering in a bullish trend and potentially attracting substantial capital inflow. Drawing parallels, the last instance XRP surged past its 20-day and 50-day MAs was in 2017 – a year remembered for its robust performance.
XRP Captain’s bold forecast adds a layer of optimism around Ripple’s XRP, suggesting that brighter days might be on the horizon. With historical data and recent legal victories acting as tailwinds, it remains to be seen how the digital currency will fare in the coming months and years.
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