Crypto Expert Foresees XRP Price Surge to $12 in the Near Future
Reasons to Trust
Adherence to a rigorous editorial policy centered on precision, relevance, and neutrality
Developed by professionals in the industry and thoroughly vetted
Commitment to the highest quality standards in reporting and publishing
Adherence to a rigorous editorial policy centered on precision, relevance, and neutrality
Various factors, including industrial movements and collaborations, shape the landscape.
Este artículo también está disponible en español.
Crypto analyst Cryptoinsight has offered an optimistic outlook for the price of XRP, forecasting that it might surge as high as $12. They pointed to both fundamental and technical indicators as potential triggers for this significant increase.
Potential Triggers for an XRP Price Increase to $12
In a recent video, Cryptoinsight mentioned the Dubai Land Department’s initiative to establish a tokenization platform using the XRP Ledger (XRPL) as one of the drivers behind a potential rally to $12. Other collaborations and significant actions taken by Ripple were also cited as influential factors.
Related Insights
One notable event is the acquisition of the prime broker Hidden Road by the crypto firm, expected to enhance the utility of the XRP Ledger. This development is seen as positive for the XRP price since it is the network’s native token. The analyst also referenced the purported connection between Hidden Road and the DTCC, facilitating the prime broker in processing substantial amounts of US Treasury trades daily.
Furthermore, Cryptoinsight highlighted Ripple’s acquisition of a payment license in Dubai, which is favorable for the XRP price, as it acts as the native token for the firm’s payment solutions. They referenced ongoing reports indicating that Ripple might be pursuing the purchase of Circle, the issuer of USDC, alongside the increasing likelihood of XRP ETFs receiving approval.
Ripple’s CEO Brad Garlinghouse recently addressed the topic of crypto ETFs, which the analyst interprets as a signal that approval may be imminent. Additionally, they pointed out the ongoing XRP lawsuit as another potential catalyst, anticipating that a resolution may bring about favorable outcomes for the price. Cryptoinsight foresees the possibility of XRP reaching $12 within the next few months.
From a technical analysis perspective, the analyst noted bullish signs such as the formation of a bullish flag on XRP’s weekly chart. They indicated that momentum appears to be shifting upward, suggesting buyers may soon re-enter the market.
An Altcoin Approaching a Local Low
In a post on X, crypto analyst CasiTrades remarked that while the XRP price has yet to establish a local low, it is nearing that point. She observed that all indicators suggest a retest of the $2.25 to $2.26 range. The analyst noted that this is a significant structural support level, aligning with the macro .382 retracement, and has proven crucial over the past six months.
Related Insights
Should that support range hold firm, she suggested it could set the stage for a rally towards $2.70. Conversely, if the support is breached, deeper support zones at $1.90 and $1.55 would likely come back into play, indicating that the altcoin might drop below the psychological threshold of $2 before making another upward move.
At the time of this report, XRP is trading around $2.30, reflecting a decline of nearly 2% over the past 24 hours, based on current market data.
Image sourced from Getty Images, with corresponding chart from Tradingview.com.
Post Comment