TL;DR
The current bullish sentiment in the cryptocurrency market is prompting crypto analysts to weigh in and forecast their price targets for some of the hottest coins in the space, and XRP is one of them.
While some are taking more conservative stances, crypto analyst CryptoBull believes we could see $220 for XRP in the next bull run.
Using technical analysis, the analyst stated that during XRP’s first bull run, the token witnessed a surge from $0.002 to $3.84. “If we follow the very same pattern, this bull run, we could find XRP at $220.”
However, the trader stated that this is only a scenario based on past price performance. His current sell-off target is $5, but he will leave some XRP for future targets.
Some users commented on the tweet, stating that, while possible, this price target was too far-fetched. However, it’s not our first time seeing outrages or exacerbated price predictions.
XRP at $220 may sound outrageous, but what about $500 for the crypto asset in the next couple of years? It sounds incredibly ridiculous, considering that the XRP market cap would have to rise to $250 trillion for that to happen.
However, analysts like Dark Defender envisioned XRP reaching $6 by the end of 2024, a 1000+% increase. As CryptoPotato reported, this will only be possible if the token manages to overcome several support and resistance levels.
XRP has surged 60% year-to-date, being alongside Bitcoin (BTC), one of the biggest gainers of 2023. Ripple Labs is currently on a three-in-a-row winning streak against the SEC, and its executives Brad Garlinghouse and Chris Larsen were cleared of all claims by the regulator.
