A widely followed cryptocurrency trader has predicted the price of XRP could explode by over 2,300% later this cycle if it manages to break through its previous all-time high, as then there would be little selling pressure stopping it from growing.
In a new video, first reported by The Daily Hodl, the pseudonymous trader going by Credible Crypto reveals he expects the price of XRP to trade between $20 and $30 later this cycle. His prediction is based on XRP’s abrupt 1,000% surge in the 20’17 rally when it moved to a new all-time high above the $3 mark.
The trader said:
The biggest gains happen in the last 10% of the bull market. Keep in mind that XRP was trading at $0.22 in 2017 and in one month it went up to $3.30. It went 10X in a month.
Per his words, a similar rally is to be expected if the cryptocurrency breaks through its previous all-time high. At first, the price moving up by a factor of three or five is “very reasonable” taking into account the 10x surge in 2017, he said. The trader added he would only consider taking profits when XRP trades at $10.
He added that once XRP breaks the $3.4 mark and hits a new all-time high, it will enter a price discovery phase that would only end at $20 to $30, implying a massive 2,300% rally is possible for the cryptocurrency.
Credible Crypto added “the hardest part is getting back to all-time highs,” as then there will be “no sell pressure” and it will become “very easy to climb the ranks and to get higher and higher.”
According to Santiment, XRP’s price could keep on surging after decoupling from bitcoin and other major cryptocurrencies if there’s an uptick in the number of unique addresses interacting with the network daily, or if the number of new addresses being created surges.
The cryptocurrency’s use via RippleNet has been growing over time, as late last month Ripple started tapping into the nearly $2 billion a year remittance market between Japan and the Philippines through the use of ODL and the XRP token, connecting Japan’s money transfer provider SBI Remit with Philippines mobile payments firm Coins.ph and cryptocurrency exchange SBI VC Trade to open up a remittance corridor that uses on-demand liquidity between both countries.
According to an XRP market report published by Ripple earlier this month, the daily trading volume of the cryptocurrency doubled to $4.49 billion per day on average, up from $2.26 billion recorded during the first three months of the year.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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