- XRP has been stuck in a falling wedge pattern since 2018, and its breakout seems imminent. One analyst predicts that the token could hit an astounding $600.
- XRP is recording major tailwinds, from Ripple’s recent court win and the rising XRPL adoption to the RLUSD stablecoin that’s set to launch later this year.
When Ripple blew the SEC out of the water in court over the alleged securities violations, XRP surged from $0.5024 to $.06316, its highest price this month. The sudden 25% surge in a few hours showed what the token is capable of, leading analysts to make bullish predictions, including one who said that the token will hit $20 in a year’s time.
The bullish predictions have piled up. One of the most bullish is by Brett Hill, an ambassador for Bitrue crypto exchange and a renowned XRP enthusiast. Hill took to X to share his analysis with his 52,000 followers, predicting that XRP will hit $600.
XRP currently trades at $0.5737. It has traded sideways in the past day as the broader market dipped 1%. Its trading volume is down 20% to $1.255 billion.
In his analysis, Hill noted that the token looks set to break out of the multi-year falling wedge pattern that it has been stuck in since 2018. As shown below, XRP was caught up in a similar pattern between 2013 and 2017, and when it finally broke out, it surged to set a new high in 2018 at $3.84.
To hit $600, XRP would have to surge 104,500% from its current price, catapulting its market cap to $33.4 trillion, ten times higher than the current market cap of Apple, the world’s most valuable company.
While $600 might be too ambitious a target for XRP, it’s clear that the token is set for major gains in the near future once it breaks from this multi-year pattern.
The Era of XRP
Before the SEC decided to pursue Ripple and subdue XRP, it was one of the industry’s largest tokens, only behind Bitcoin and Ethereum, which Ripple CEO Brad Garlinghouse has pointed out on several occasions.
Now, the legal battle that has weighed heavily on XRP is behind it, and it’s now a tailwind for the token. Finally, XRP has regulatory clarity that few other tokens outside of Ethereum and Bitcoin can boast of. Now, institutional investors can put billions in XRP and build on XRPL without any fear that the SEC or any other agency will crack down on them.
It extends beyond the SEC victory. This year, Ripple is set to launch its RLUSD stablecoin, positioning it to disrupt a $175 billion market that’s been growing aggressively every year. Ripple will be counting on its vast network of financial institutions to push the adoption of RLUSD, and with stablecoins expected to play an even bigger role in crypto and beyond, RLUSD could be the biggest push for XRP and the XRP Ledger.
With CBDCs and other dApps increasingly exploring and using XRPL, XRP will be the ultimate beneficiary.
