- Analysts predict that Ripple’s XRP is likely to reach $20 in a single year.
- XRP is resilient, as it has remained in the top 10 crypto rankings despite considerable challenges.
Doctor Profit, a crypto trader who has a large following on Twitter, stated in a tweet that day traders often view XRP as an investment for the long term rather than something to make quick money.
The price of XRP fluctuated between $0.42-$0.72 over the course of the last 12 months, showing that it is not suitable for short-term investments. This cryptocurrency is for those who understand the importance of patience and growth over time.
$XRP – The Big Report:
Everybody who knows me is aware that I am a big XRP investor. This report will give you the truth and let you know where we are heading. next.
XRP will be a great asset for you in the long run. If you’re thinking of making a quick buck with day trading… pic.twitter.com/w6ww9uSE6v
— Doctor Profit 🇨🇭 (@DrProfitCrypto) August 7, 2024
US Court ruling Sparks Speculation about XRP ETF’s Approval
XRP’s surge is impressive, with a 60,000% increase in 2017. This coin has been ranked regularly in the top ten crypto market capitalization rankings, with Bitcoin.
XRP remained on the list of the top ten even after a 75% drop in 2020 because of the SEC lawsuit, demonstrating it’s durability. XRP’s macrobull market hasn’t been seen since 2017 and it hasn’t even come close to the all-time (ATH), $3.20. The SEC’s action was a major barrier that prevented XRP to capitalize on the bull market of 2021.
Ripple is connected to over 300 other companies. financial Institutions around the world. These institutions, including the European Central Bank (ECB) and Bank of America demonstrate XRP’s crucial role. financial ecosystem.
XRP has a critical role to play in the implementation of Central Bank Digital Currencies.
We are now in the same position as before reportedA US court has declared XRP not a financial instrument, contrary to the SEC’s claims. The decision offers regulatory certainty, and it fuels bullish rumors. Some rumors suggest the SEC, XRP and XRP have been working together behind closed doors on an XRP exchange traded fund.
The Ripple Token is expected to follow Bitcoin. Ethereum ETF approvals. This ruling eased the concerns of large investors and opened up the door for them to enter XRP.
The diagonal resistance of 2017 still remains notable from a technical perspective, and XRP experienced six rejections after that. The current chart is similar to that of the 2017 breakout at 60,000%.
Analysts Predict Bullish Breakout: $20.00 as the Target
Analysts said resistance to $0.72 was critical. Breaking through it is an optimistic scenario, given the recent events.
The breakthrough cannot be stopped, even if another $0.72 rejection occurs. Achieving $1 is expected in Q1 2025. If XRP Maintaining its Fibonacci 2017 levels, an eventual high of 16 dollars is possible.
At the moment of writing, XRP trades at $0.6124The. 18.84% Over the past 24 hours, daily trading volumes have exceeded 200% and reached $5.61 billion.
Market indicators show a bullish outlook, and a robust chart indicates incredibly high growth potential. The price target for XRP in the best case scenario would be between $16 to $20. In the worst scenario it could range from $4-7. The goals will be reached within one year.
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