The recent cryptocurrency market recovery that saw the price of the flagship cryptocurrency Bitcoin reach a 16-month high has increased bullish sentiment in the sector, with one analyst now suggesting XRP’s price could explode over 1,000% in the future.
In a post shared on the microblogging platform X (formerly known as Twitter), the popular analyst Dark Defender noted that the price of XRP could skyrocket to surpass the $6 mark before the end of next year.
The analyst’s chart shows that his price prediction could become a reality and see XRP’s price go “parabolic” if the cryptocurrency manages to reach the $1.3 mark, which is a key level that still has several support and resistance levels to overcome to reach.
Dark Defender also noted that the current cryptocurrency market volatility could see the price of XRP hit $0.66 in the near future. His XRP price prediction, however, is one of the more moderate ones seen lately.
Earlier this month, a popular cryptocurrency analyst has made a daring XRP price prediction suggesting that the native token of the XRP Ledger could soon see its price surge to a whopping $220, based on a historical pattern that would lead to that level if it was repeated.
The rally was based on optimism on the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States, after BlackRock’s proposed iShares spot Bitcoin ETF was listed on the Depository Trust & Clearing Corporation (DTCC), which provides post-trading, settlement, custody, and information services for Nasdaq.
XRP has notably been outperforming a large number of altcoins over a number of factors, including the U.S. Securities and Exchange Commission (SEC) dropping its securities violations charges against Ripple’s executives, which helped the cryptocurrency achieve its largest single-day surge in months.
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