XRP Price Eyes Breakout as Analyst Predicts Potential 150% Surge

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The cost of XRP, which is the native currency on the XRP Ledger, has started to recover recently, rising above the $0.50 mark and now trading at approximately $0.55 per token. This improvement follows a long phase of price stability. According to one market expert, the value of XRP could potentially skyrocket by 150%.

Analyst Egrag Crypto recently shared on microblogging platform X (previously Twitter) that he thinks XRP could experience a major shift based on its chart’s “double bottom” pattern. This technical sign is typically associated with bullish trends.

Based on this analysis, the expert believes that, in addition to other technical elements, this pattern may indicate an impending price hike for the XRP Ledger’s native token. If this trend continues, the token could reach a value of $1.4, marking a significant 150% increase from its current price.

In his post, Egrag Crypto expressed that the double bottom formation is sending a powerful bullish message, and he is very certain that the uptrend will kick off soon.

#XRP Color Code 🎨 To $1.4(Update):Note: I’ve updated the consolidation zone to a supply zone and the wicking range to a demand and accumulation zone.Double Bottom Formation: The double bottom formation is giving us a strong bullish signal, and I’m highly confident that the… — EGRAG CRYPTO (@egragcrypto) April 23, 2024

XRP’s value could surge again, rekindling investor enthusiasm that had dwindled due to the cryptocurrency market’s recent slump. The market seems to be bouncing back now. Additionally, unfolding events in the ongoing lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) might be fueling XRP‘s cautious progress.

The Securities and Exchange Commission (SEC) intends to impose a penalty of approximately $2 billion on Ripple for selling XRP, which they assert is an unregistered security. Ripple strongly opposes these accusations, maintaining that XRP functions as a utility token rather than a security. In response to the proposed fine, Ripple’s Chief Legal Officer stated it represented an attempt to “intimidate the entire crypto industry in the United States.”

The business has submitted a reaction to the SEC’s proposed penalty, asking the judge for a much lighter punishment and emphasizing the improvements made to XRP sales procedures to avoid any future infringements.

According to CryptoGlobe’s latest article, a well-known crypto analyst remains confident in their forecast that XRP‘s price will surge, reaching over $200 per token – a remarkable increase of approximately 30,000% compared to its present value.

According to his statement, XRP has experienced a “complete logarithmic advance,” implying that XRP could be on its way to costing over $200. He pointed out that XRP’s price jumped over 100,000% during the 2017-2018 market surge. Therefore, he considered a price increase of around 33,000% from its current value as not only plausible but also underway.

The XRP Ledger’s automated market maker (AMM) platform has seen a significant increase in the amount of XRP tokens locked on it. This figure has grown from approximately 330,000 XRP tokens to over 715,000 XRP, which is equivalent to more than $400,000, as the AMM prepares for crucial bug fixes.

After Ripple, the major player in enterprise blockchain and cryptocurrency services, revealed its intention to introduce a USD-pegged stablecoin, there has been an increase in the number of XRP tokens being held in locked accounts. This new development comes with the assurance that the stablecoin will be fully collateralized by a reserve of US dollars, short-term U.S. government securities, and other liquid assets.

According to a report from CryptoGlobe, the company projects that the total value of stablecoins in circulation will surpass $2.8 trillion by the year 2028. Their own stablecoin is planned for release on both the XRP Ledger and Ethereum platforms.

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2024-04-24 05:10