Many analysts agree that there is huge potential for XRP, especially now that the lawsuit between Ripple and the US Securities and Exchange Commission (SEC) seems largely behind it.
Ripple, the company behind XRP, is targeting a huge market: cross-border payments. If XRP manages to dominate this market, the token’s value could increase significantly. According to renowned crypto analyst CryptoBull, the XRP price could even rise to $227, based on both technical and historical patterns.
An XRP price of $227?
The analyst notes that XRP has formed a large symmetrical triangle on the price chart, a pattern that often signals an impending price breakout. According to him, this pattern was first spotted in 2013, after which it led to a parabolic rise in 2017.
During that period, XRP’s value rose from a low of $0.003 to a high of $3.40, an impressive growth of over 113,000%.
Since its peak in January 2018, XRP has once again formed a symmetrical triangle, which has now been intact for over 80 months, according to CryptoBull. He says that is partly why a new breakout is likely in the near term.
If this breakout is similar to the one in 2017, he said XRP’s price could even reach $227, an increase of over 42,000% from its current value.
Is this even realistic?
While CryptoBull’s prediction is incredibly optimistic, we should approach it with some caution. Such a price increase would bring XRP’s total market cap to nearly $13 trillion.
This is significantly higher than the current total value of the crypto market, which is around $2 trillion, of which Bitcoin (BTC) takes up the largest portion. It therefore seems unlikely that XRP will reach this height anytime soon.
Source: https://newsbit.nl/crypto-analist-verwacht-buitenaardse-stijging-xrp-koers-naar-227/
