In the wake of a recent ruling in the e legal battle between the U.S. Securities and Exchange Commission (SEC) and fintech firm Ripple, which saw a federal judge in New York determine that XRP is “not necessarily a security on its face,” a popular crypto analyst has revealed he sees the cryptocurrency’s price explode to $6.
In a newly published video, popular cryptocurrency influencer CoinsKid has offered some technical analysis on the trend of the price of XRP, which went up more than 58% over the past week over the ruling, drawing parallels to its situation in 2020.
The analyst outlined his XRP price prediction in a video in which he said there’s a chance XRP’s price will move back down to a support level before it keeps on climbing, in a pattern similar to the one seen in 2020.
According to his analysis, viewers want to buy during pullbacks, or “buy the blood,” instead of buying when large green candles appear, as these “are your enemies, and you sell to your enemies.”
Additionally, CoinsKid identified an ascending triangle chart pattern in XRP’s performance, predicting a potential three-wave breakout. This could result in a considerable rise in the cryptocurrency’s value, especially given the volatility in the crypto market and the anticipated rally of the U.S. dollar. He even proposed that XRP might ascend to the $6 level by end of year.
Per his words, the “big wave #3” should be able to break through the cryptocurrency’s high of April 2021, and perhaps even its all-time high. XRP’s all-time high of $3.3 per token was seen back in 2018.
As CryptoGlobe reported, popular analyst Michaël van de Poppe has recently focused on XRP, saying he envisions a potential downward adjustment to approximately $0.65. This dip, however, is not cause for concern, as Van de Poppe believes it could set the stage for a bullish resurgence. According to his analysis, the post-dip rally could escalate XRP’s value to a high of $0.90.