Many cryptocurrency analysts are closely monitoring Ripple’s native token, XRP, as they believe it has the potential to break out in the near future. One such analyst, known as Dark Defender on Twitter, has identified key price targets that XRP could surpass. This article will delve into these predictions and assess their feasibility.
Dark Defender highlighted that XRP closed the previous month with a pattern called a “doji,” which typically indicates a trend reversal. This positive development suggests that XRP may re-test the $0.66 resistance level in the coming days. If successful, it could then soar towards the second resistance level of $0.91. However, the most significant potential lies in XRP surpassing the critical level of $1.8815, which could push the token towards a new all-time high (ATH) of $5.85.
Ripple and its native token, XRP, have been under the spotlight since the blockchain company obtained a partial victory against the US Securities and Exchange Commission (SEC) in July. The court ruled that XRP sales by Ripple in the past did not constitute an offer of investment contracts, leading to a price rally that pushed the asset above $0.85. Although the momentum subsided in subsequent months, the increased volatility provided analysts with ample room for price predictions.
Various experts have put forth their predictions for XRP’s future price. EGRAG CRYPTO and Duo Nine envision XRP jumping to $1.40 and $3.30, respectively. These predictions are on the more conservative side. In contrast, Shannon Thorp forecasts an outstanding possibility, suggesting that XRP could skyrocket above $500. However, it is crucial to assess the feasibility of such a prediction considering market capitalization requirements. The blockchain market would need to expand significantly to support a market capitalization that would allow XRP to reach such heights.
XRP’s future appears promising according to Dark Defender’s analysis. With the potential for XRP to break out and surpass resistance levels, such as $0.66 and $0.91, the token could indeed be on a path towards a new all-time high. However, it is important to approach more exorbitant predictions, like reaching $500, with caution due to the constraints posed by market capitalization requirements. As the cryptocurrency market continues to evolve, only time will tell if XRP can reach new heights beyond what was previously imagined.