5 Key Ripple (XRP) Price Forecasts to Monitor This May
The price of XRP has shown significant movement recently. In the last week, it has risen by over 9% and is currently trading at approximately $2.30.
This piece examines the top five price forecasts for XRP as we near May. Will the adage “sell in May and go away” hold true once more?
Five Ripple (XRP) Price Forecasts to Monitor in May
Leading the discussion is a well-known analyst known as Ameba on social media. He has recently indicated a target price of about $2.90, suggesting a potential rise of around 26%.
I was looking for a touch of [the] mid-range, which occurred over the weekend right after [the] weekly opening.
The next bullish move for me would be a breakout above the mid-range.
This viewpoint appears to be echoed by another trader, Joe Swanson, who references an inverse Head & Shoulders pattern that has, in his view, broken upward, confirming a bullish trend with key resistance becoming support, as well as a formation of a higher low.
Momentum is building for a strong upward move! – He remarked, sharing a chart that forecasts a price of $3 in the near term.
Another trading analyst, Duo Nine, acknowledged in a Ripple price review that even if the bulls manage to push the price to $3, significant selling pressure will likely emerge. This pressure arises because that level has been tested previously and saw two rejections.
Furthermore, Crypto Virtuos advises his 81,000 followers to keep an eye on a prospective target of $2.50, indicating a rise of about 10% from current levels.
XRP has shown strength and broken out, leading to an initial target of $2.50. This level is currently the biggest obstacle.
Additional XRP Price Predictions
While the aforementioned predictions are more cautious, there are some bold and seemingly far-fetched forecasts for XRP’s price trajectory. Although some may not occur in May, they are intriguing, particularly if supporting fundamentals develop.
Among these, Oscar Ramos referenced a study by Bitwise, stating that XRP’s price could skyrocket if XRP ETFs gain approval in the United States. He projects a target of approximately $29 by 2030.
Next is another notable XRP commentator referred to as Brett, who speculated that XRP might soar to between $33 and $50 by 2027, based on insights from Sistine Research. This would equate to a remarkable rise of between 1500% and 2500%.
The most extreme forecast comes from John Squire, a social media influencer with a substantial following, who claims XRP could hit $100. However, this would imply a total market capitalization for XRP of around $6 trillion, which is double the entire cryptocurrency market’s current size.
Factors Behind the Recent Spike in XRP’s Price
Setting aside forecasts, it’s important to highlight the fundamental factors contributing to XRP’s recent price adjustments. A key development is ProShares securing approval from the SEC to introduce three different XRP ETFs. These include the Ultra XRP ETF (2x leverage), Short XRP ETF, and Ultra Short XRP ETF (-2x leverage).
As implied by their names, these are not actual XRP ETFs; instead, they are based on derivatives and do not necessitate ownership of XRP itself.
While this may not align with community expectations, the positive effects on the market are evident, as many investors interpret it as a favorable signal from regulatory authorities.
Post Comment