As a seasoned researcher with over two decades of experience in the financial markets, I have seen my fair share of bull and bear runs, market manipulations, and regulatory battles. Yet, the resilience and potential of XRP continue to intrigue me.
Crypto expert Doctor Profit (@DrProfitCrypto) recently shared a forecast about XRP‘s price after Ripple partly won their legal battle against the U.S. Securities and Exchange Commission (SEC) last Wednesday. In his analysis, which he presented to his large following of 311,000 on social media platform X, he discusses the potential impact of the court’s verdict and offers insights into XRP’s future technical trends.
Implication For XRP
Doctor Profit initially explored XRP‘s past achievements, highlighting its robustness and notable accomplishments. He underscored to his listeners that the value of XRP skyrocketed an astonishing 60,000% in 2017 and has consistently ranked among the top ten cryptocurrencies by market capitalization for over a decade. This, he contends, demonstrates its reliability and attractiveness even within the unpredictable crypto market. Although XRP experienced a dramatic 75% decrease in value following the SEC lawsuit in 2020, he points out, it has displayed remarkable resilience, maintaining its strong market position amidst widespread pessimism and the shift towards other cryptocurrencies.
Yesterday’s court decision regarding XRP is being called a “significant, optimistic occurrence” by Dr. Profit, offering valuable regulatory clarity. He hypothesized that this outcome might encourage greater institutional investment and even pave the path for an XRP-based exchange-traded fund (ETF).
“Doctor Profit posits that a significant, optimistic development is imminent, fueled by recent regulatory clarification and the expected surge of positive speculation. He wonders if it’s too much to assume that the SEC and Ripple might secretly be collaborating on an XRP Exchange-Traded Fund (ETF). This theory aligns perfectly with his ETF approval prediction: Bitcoin first, Ethereum second, and third, XRP – not Solana,” (paraphrased by me).
Additionally, the analyst suggests that the increased legal certainty may encourage more collaborations and the incorporation of XRP within additional financial networks and structures. As you may know, Ripple has partnerships with over 300 financial institutions globally. The ripple network was trial-tested at the European Central Bank and is even recognized in their report. Similarly, it’s used by the Bank of America and numerous other banks worldwide! XRP is expected to play a significant part in the implementation of Central Bank Digital Currencies (CBDC).
XRP Price Analysis
Examining technical aspects, Dr. Profit pinpointed an important resistance point at $0.72, which stems from a pattern that originated in 2017. This resistance has been tested frequently without any successful breach thus far. Based on his assessment, the current chart structure appears to resemble the setup prior to 2017, hinting at a possibility for another powerful price increase if XRP manages to forcefully surpass this resistance level.
Apart from presenting the intricate price forecasts supported by the given technical arrangement and the positive market mood following the lawsuit settlement, the analyst suggests that in an ideal situation, XRP might skyrocket ranging from $16 to $20. This estimation is based on a potential replication of past trends and increased market approval.
As an analyst, I pen down my insights: “Should our efforts result in another rejection at $0.72, remember not to panic. The breakout is imminent and I foresee targets exceeding $1 well within Q1 2025. When XRP mirrors its 2017 performance and reaches the same Fibonacci levels as observed in that year, we could be gazing at a possible peak of $16!”
A less risky prediction values XRP between $4 and $7 under normal market fluctuations and investor behavior. Meanwhile, Doctor Profit advocates strategic purchase points around $0.38 to $0.44 as valuable investment opportunities. In his words, “I’ve been holding onto this gem for four years now, and I’m adding more during downturns. These are the areas where I’ve been making my recent purchases – $0.38 to $0.44. If the market experiences another dip in these zones, I’ll be buying even more.”
At press time, XRP traded at $0.6064.
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2024-08-08 17:34