Cryptocurrency Expert Forecasts XRP to Surge by 1,000 Times Due to Positive Regulatory Reforms
A crypto analyst is predicting that the price of XRP, the native token of the XRP Ledger (XRPL), could witness a massive 1,000-fold rally in the near future. Despite a significant recent decline in XRP’s price, the analyst is confident in the token’s promising outlook.
The analyst, known as ‘Mickle’ on X (formerly Twitter), has shared bullish insights into XRP’s future value, emphasizing the potential for the cryptocurrency to break out of its bearish trends and achieve new highs. In a video post, Mickle revealed that XRP could see an extraordinary bullish surge, with its price potentially rising from its current value of $0.57 to $570.
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Mickle bases his ambitious predictions on a favorable regulatory change expected in the United States. He forecasts a substantial political shift that could benefit the cryptocurrency industry by providing clear regulations, thus allowing cryptocurrencies like XRP to prosper. He pointed out that the U.S. crypto community has faced a hostile environment, with numerous regulatory agencies adopting aggressive enforcement actions against the industry. However, despite these challenges, the crypto space has shown resilience, emerging stronger after several legal victories and successfully advocating for pro-crypto legislation.
Despite the recent decline in XRP’s price, Mickle remains bullish, doubling down on his predictions in recent posts. He asserts that XRP’s price movement is currently mirroring a massive formation similar to a symmetrical triangle pattern observed between 2013 and 2017. During that period, XRP faced multiple declines and bearish sentiments but eventually experienced a surprising surge to new price levels.
Based on this analysis, Mickle suggests that XRP is currently in a similar bearish trend but with a positive outlook ahead. He believes that if XRP completes this symmetrical triangle pattern, an exponential breakout to the upside is possible. XRP is currently trading at $0.56.
Earlier this week, XRP’s price hovered above the $0.6 mark, indicating a potential to break out of bearish trends. However, the cryptocurrency has dipped by 10% in the last 24 hours, currently trading at $0.57. CoinMarketCap reports that XRP has seen a 4.2% decline over the past seven days, coinciding with the nearing conclusion of the legal battle between Ripple and the United States Securities and Exchange Commission (SEC).
Despite this, market intelligence platform Santiment revealed that when major cryptocurrencies like XRP, ETH, and BTC show low 7-day average trader returns, it often indicates an increasing likelihood of a price rebound.
The featured image from Seeking Alpha and the chart from TradingView illustrate the recent developments in XRP’s price movement.
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