A popular cryptocurrency market commentator, who on social media is known as Crypto Assets Guy, has recently revealed an ambitious price prediction for the native token of the XRP Ledger, $XRP, suggesting numerous factors could help drive its price up.
According to Crypto Assets Guy’s estimations, several key events could trigger a succession of price hikes for XRP, including the settlement of the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, a major player in the XRP market.
Per his words, this could see XRP rise to $3.5, while a relisting on cryptocurrency exchanges that delisted the token could lead to $5.
He speculated that an initial public offering (IPO) from Ripple might push the price to $7, with strategic partnerships with banking institutions possibly elevating it to $10. His forecasts, it’s worth noting, are largely based on personal insights and market analyses. The price targets suggested may well prove to be overly optimistic given the inherently unpredictable and often volatile nature of cryptocurrency markets.
Notably, the digital asset analyst has previously warned followers not to expect the digital token to rise to $50 or $100, even in the event of a favorable resolution to the lawsuit.
As reported, in a noteworthy display of optimism, a cryptocurrency analyst known as JackTheRippler expressed his view today that the price of XRP, could escalate to $1,000, a valuation he characterizes as “merely trivial.”
JackTheRippler’s audacious projection provoked a flurry of reactions from the XRP community. Many enthusiasts rejoiced at the notion that someone would predict such an impressive future for XRP.
Yet, not all in the XRP community were convinced, with some viewing these lofty predictions as more of a pie-in-the-sky dream requiring nothing short of a miracle to become reality.
While these predictions exhibit a wide spectrum of optimism, investors are urged to conduct individual research and take into account that market conditions and unpredictable events can considerably impact price movements.
As CryptoGlobe reported, after the price of XRP tumbled last month, large cryptocurrency investors, colloquially known as whales, bought the dip, accumulating over 360 million tokens.
This isn’t the first time this year whales on the XRP Ledger accumulated during a downturn. As CryptoGlobe reported, back in March data from Santiment showed there were 50 new whale addresses on the XRP Ledger holding between 10 million and 100 million XRP.
Notably, a discernible pattern in the activity of daily active addresses might indicate that the native token of the $XRP Ledger, XRP, is setting the stage for a significant price pump. The pattern has seemingly been spotted on multiple occasions in the past, leading to notable spikes.
Featured image via Pixabay.