- An analyst predicts Ripple’s XRP will reach $20 within a year.
- XRP’s resilience is evident, remaining in the top 10 crypto rankings despite significant challenges.
In a long tweet, crypto trader Doctor Profit stated that XRP is frequently seen as a masterpiece for long-term investors rather than a quick profit generator for day traders.
Over the last year, the price of XRP has varied between $0.42 and $0.72, indicating that this cryptocurrency is not a short-term investment. It is intended for people who appreciate the need for patience and long-term growth.
$XRP – The Big Report:
Everyone who knows me understands that I’m a major investor in XRP. This report is going to lay out the facts and show you exactly where we’re heading next.
XRP is a masterpiece for the long term. If you’re thinking of making a quick buck with day trading… pic.twitter.com/w6ww9uSE6v
— Doctor Profit
(@DrProfitCrypto) August 7, 2024
US Court Ruling Spark Speculation on XRP ETF Approval
The surge of XRP is notable, with a whopping 60,000% gain in 2017. It is one of the only coins, along with Bitcoin, that has regularly ranked in the top ten of the crypto market capitalization rankings for the last decade.
Even after a 75% collapse in 2020 due to the SEC case, XRP remained in the top ten, demonstrating its durability. XRP has not seen a true macro bull run since 2017, nor has it come close to its all-time high (ATH) of $3.20. The SEC action posed a huge barrier, preventing XRP from capitalizing on the 2021 bull market.
Beside that, Ripple has connections with over 300 financial institutions worldwide. These include important institutions such as the European Central Bank and the Bank of America, demonstrating XRP’s critical role in the financial ecosystem.
XRP is positioned to play a crucial role in the introduction of Central Bank Digital Currencies (CBDCs), with the European Central Bank aiming to launch its CBDC by the end of the year.
Today, as we previously reported, a US court has declared that XRP is not a security, contradicting the SEC’s allegations. This decision is a positive development, offering regulatory certainty and fueling bullish rumors. There is conjecture that the SEC and XRP are collaborating on an XRP ETF behind closed doors.
This is consistent with projections that the Ripple token will follow Bitcoin and Ethereum in ETF approvals. The ruling has allayed concerns among large investors, opening the road for their entry into XRP.
From a technical standpoint, the diagonal resistance from 2017 remains noteworthy, with XRP experiencing six rejections since then. However, the present chart resembles the pattern exhibited prior to the 60,000% breakout in 2017.
Analyst Predicts Bullish Breakout: $20 as a Target
The analyst said that resistance at $0.72 is critical; breaking past it, especially given recent events, represents an extremely optimistic situation.
Even if there is another rejection at $0.72, the breakthrough is unstoppable, with objectives above $1 expected by Q1 2025. If XRP maintains its 2017 Fibonacci levels, a potential high of $16 is possible.
At the time of writing, XRP is trading at $0.6124, up 18.84% over the last 24 hours, with daily trading volume exceeding 200% to $5.61 billion.
The market indicators are not just positive but exceedingly bullish, with a very robust chart indicating tremendous growth potential. In the best-case scenario, the price goal for XRP is between $16 and $20, while the worst-case scenario is $4 to $7. These goals are projected to be achieved within a year.
