XRP's price has bene subjected to a lot of speculation. Here's one from a technical analysis perspective.
XRP’s price has been on a rollercoaster throughout the past three months. The cryptocurrency more or less doubled in price back in July.
Source: CoinGecko
It was an event-driven pump associated with the ruling of Judge Analisa Torress in the case between the United States Securities and Exchange Commission and Ripple.
The court determined that XRP sold on the secondary market doesn’t constitute an investment contract – news that the market obviously perceived as massively bullish.
But it’s been only downhill since then. XRP has since given up most of the gains and is currently trading at around $0.51. The recent price action has given way for many analysts to offer their projections, and we reached out to one to get his thoughts.
But let’s walk through a couple of bold ones first.
Ripple (XRP) Price Predictions: The Wild Ones
Earlier in September, CryptoPotato reported that a popular cryptocurrency analyst, Shannon Thorp, said that XRP’s price could increase to $500 in the future.
Now, that’s certainly a massively bullish prognosis, and it even has a timeframe. Thorp bases her projection on the fact that the cross-border payments market value could skyrocket to a whopping $250 trillion in the next four years.
Another expert, going by the X handle EGRAG CRYPTO , outlined that a potential target for XRP’s price is $7. According to the analyst, the next big challenge will be $0.80, and $1.3.
And this brings us to…
Latest XRP Price Prediction
CryptoPotato reached out to the well-known technical analyst and educator Duo Nine.
He shared that XRP’s on a major pennant formation since 2018, which is likely to break in the next year.
Since 2018, XRP has formed a huge pennant that will likely break in early to mid-2024. The price will have to move to $1.3 to escape from the pennant and attempt a new ATH. The most important resistance levels are $0.87, $2, and $3.3 (ATH).
The current bias is bullish and the price is found in an uptrend along the lower border of this large triangle. As long as XRP stays above $0.45 (current support), the bulls have the upper hand. – Said Duo Nine.
Source: TradingView
There you have it! Meanwhile, if you want to find out what ChatGPT thinks of XRP’s price performance throughout the next bull market, feel free to have a look at our recent video:
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn
