The price of the native token of the XRP Ledger could reach the $2 mark sometime in the next year, according to a price prediction shared by on-chain metrics firm CoinCodex that took into account the cryptocurrency’s potential gains from growing adoption.
According to data from the firm, the price of XRP could surge from its current $0.65 price level to $2 by next year, which would bring the price of the cryptocurrency closer to its all-time high above the $3 mark that it reached back in 2018.
XRP’s price is notably down over 5.5% over the last 24-hour period, but it’s still up 6.6% so far this week and over 29% over the last 30-day period.
As CryptoGlobe reported, a popular cryptocurrency analyst has recently suggested XRP’s price could reach the $1 mark in the “very short term” while the cryptocurrency makes its way toward $1.88 and $5.85 in the future.
The analyst used the Elliott Wave theory, a common tool for predicting future market fluctuations, to predict an impending surge for the price of XRP, suggesting it could hit $5.85 as they did in the past.
Ralph Nelson Elliott developed the Elliott Wave theory in the 1920s after he observed and identified “recurring, fractal wave patterns.” These fractal wave patterns are based on the psychology of the masses, with the Elliott Wave theory usually being interpreted based on five waves moving in the direction of a main market trend, which can be bullish or bearish, and by three corrective waves.
The repetition of these patterns, theory suggests, allows the movements of asset prices to be predicted. The theory is said to have gained notoriety when Elliott himself predicted the stock market bottom in 1935 after a 13-month correction.
Earlier this month, crypto analyst Cryptoinsightuk said that on a weekly timeframe data going back to 2017, price action shows that after XRP “enters the overbought area on the RSI [relative strength index], it “moves between 1,000%-1485% (within 3 weeks).”
Notably, historical data suggests XRP could soar by an estimated 77% during the month of November, as according to historical data, the cryptocurrency’s price has surged significantly in November, with a record 531% rise in November 2013.
Featured image via Pixabay.