XRP has recently exhibited a strong upward trajectory, capturing the attention of investors and analysts alike. Currently trading at $0.6079, the asset has recorded a month-to-date gain exceeding 27%. This surge has ignited speculation within the XRP community regarding its potential to reach new heights and redefine the market landscape.
A recurring theme among XRP enthusiasts is the comparison of its current price action to the early stages of the 2017 bull run. This historical parallel has led some to anticipate a similar price explosion soon. Notably, XRP has consistently defended the $0.6 price level, indicating a robust support base.
An Impending XRP Surge
Freki OG (@Freki_OG), a prominent figure in the XRP community, has posited that surpassing the previous all-time high of $3.84 could fundamentally alter XRP’s market dynamics.
Such a breakthrough, according to Freki OG, would likely lead to a more pronounced price appreciation compared to the previous bull cycle. According to Freki OG, if XRP breaks out to $3.85, which is just above its all-time high, it will “flip the script.”
Many other prominent analysts share a similar expectation for XRP. One prominent analyst recently set a $100 target for XRP and listed six factors that could send the digital asset to this lofty target. Prominent analysts like EGRAG CRYPTO (@egragcrypto) and Dark Defender (@DefendDark) have also set lofty targets for XRP.
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To reach the $3.85 target, XRP will need to climb 533.3%. This presents a substantial challenge for XRP, as the digital asset has not seen surges of this magnitude in a long time. However, the sustained interest and optimism within the XRP community and the asset’s recent performance, have fueled renewed hope that it can reach this target.
One key factor influencing XRP’s potential is its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). Freki OG also pointed out that the lawsuit suppressed XRP. XRP could not fully join the 2021 bull run because of the lawsuit, only reaching $1.96.
While this litigation has undoubtedly impacted XRP’s price performance, some analysts believe that a favorable outcome could kickstart a significant XRP rally. The XRP lawsuit is nearing its end, opening up the way for XRP to reach the heights that Freki OG and other prominent analysts believe it can.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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