- Some analysts predict ambitious targets for XRP, such as $150, based on a breakout from a multi-year downtrend.
- Demand for XRP is rising, reaching pre-lawsuit levels, with the US market’s share of global XRP volume increasing from 2% to 14% over the past year.
Ripple’s native cryptocurrency, XRP, was one of the top performers in the crypto market, with 35% gains in the last month of July. Some market analysts believe that the XRP outperformance could continue going ahead, giving mammoth targets of $25 on the condition of a mega Bitcoin bull run.
Bitcoin has been experiencing severe price correction over the past week as the global macro conditions worsen. The Bitcoin price slipped under $50,000 on Monday; however, it recovered during the day’s end amid a strong recovery in the US futures market, per the CNF report. Market analysts believe that Bitcoin can recover from the market crash very soon, thereby creating a strong spillover across the entire market.
From yesterday’s lows, the BTC price is already up by 10%, shooting past $55,000, while the XRP has gained past the crucial resistance of $0.50. At press time, the XRP price is trading 13.01% up at $0.5019 and a market cap of $28.1 billion.
On the other hand, market analysts have now been betting on VanEck’s prediction of the Bitcoin price hitting $2.9 million by 2050 as a base case scenario, per the CNF report. Thus, using this as a reference point, analysts are now predicting how far the XRP price could rally in this scenario. For example, analyst Javon Marks predicts that XRP could surge to an ambitious $150, basing his analysis on a breakout from a multi-year downtrend, per the CNF report.
The XRP Price Action
After a power-packed July, XRP traders are now keen on what’s going ahead. After rallying to $0.65 last month, XRP faced the heat of the global market correction, dropping to $0.43 on Monday. As said, the XRP price has recovered from yesterday’s lows and is currently trading past $0.50.
According to analyst Northstar, a long-term symmetrical triangle pattern on the two-week chart highlights XRP’s ongoing challenges since its peak. The below chart reveals multiple unsuccessful attempts by XRP to break above the triangle’s resistance. This has led to a recent breakdown below the support line at approximately $0.55.
This breakdown is significant as it signals an increase in bearish momentum. The measured move from the triangle pattern indicates a potential bearish target of $0.30 if the selling pressure persists, representing a potential decline of nearly 40% from current levels.
On the other hand, the Kaiko report shows that the XRP demand on the exchanges has reached levels last seen before the XRP lawsuit in December 2020. “Since last year’s landmark court ruling, which granted Ripple Labs a partial victory against the SEC, demand for XRP in US markets has grown steadily. The share of US platforms in global XRP volume has increased from less than 2% to 14% over the past year, matching levels from before the SEC suit,” noted Kaiko.
