The future of XRP price has been a hot topic of debate among cryptocurrency analysts for some time. Much of this analysis focuses on possible price movements and possible price targets as a bull market unfolds. In the same vein, cryptocurrency analyst CryptoBull presented its own bullish case for altcoins, offering the most realistic price targets.
Long time price channel shows realistic prices
In CryptoBull, an analyst posted on X (formerly Twitter), he shows the historical price movements of altcoins dating back to 2014. Analysts use this to infer the possible trajectory of XRP price over the next few months using XRP price channels. .
Using this data, the most realistic price for the altcoin right now is between $13 and $39, according to CryptoBull. “The long-term price channel shows the most realistic #XRP price between $13 and $39 for the coming months!” CryptoBull said:
Long-term price channels provide the most realistic picture. #XRP Prices will range from $13 to $39 in the coming months! pic.twitter.com/iuePJitybs
— CryptoBull (@CryptoBull2020) February 29, 2024
The channel’s $13 low was more realistic, but the $39 high was met with criticism from the community. “It’s crazy,” said Ben McClymans, another X user, regarding CryptoBull’s prediction. This is because for the price of XRP to reach $39 per coin, its market cap would have to be greater than that of Ethereum, currently the second largest cryptocurrency on the market.
However, other community members jumped to XRP’s defense and reminded Ben that XRP’s market cap had actually overtaken Ethereum before. Given this, I believe there is a possibility that they will eventually switch back to Ethereum.
XRP price performance worries investors
XRP price performance over the past few years has worried investors. This is because while other altcoins have been hitting record highs, XRP has continued to struggle. However, this is understandable considering that the U.S. Securities and Exchange Commission (SEC) sued Ripple in 2020, negatively impacting XRP’s performance.
XRP price plummeted following the announcement and did not recover as expected. But now that the lawsuit with the SEC is entering its final stages, there is light at the end of the tunnel. The court appears to be leaning toward a settlement that would end the case once and for all.
To see what could happen to the XRP price when the lawsuit is over, we can look at what happened when Ripple scored a partial victory over the SEC in 2023. XRP as her security surged more than 60% in a day after Judge Analisa Torres declared XRP programmatic sales ineligible.
This lawsuit is currently the biggest obstacle to XRP price performance, and there are expectations that the price will surge after the lawsuit is over. If so, CryptoBull’s prediction may eventually come true.
XRP trending at $0.58 | Source: XRPUSD on Tradingview.com
Featured image from Bitcoinist, chart from Tradingview.com
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