Ripple’s XRP made headlines throughout the past few days, charting massive gains day after day and ultimately achieving a new all-time high earlier in the week (it’s debatable but most market participants agree).
The popular altcoin managed to take over Tether’s USDT stablecoin for the spot of the third-largest cryptocurrency, currently sitting on a market capitalization of around $208 billion.
Now, analysts are racing to predict its next move as social media chatter is peaking.
Can XRP 6x From Here?
John Squire, a well-known XRP proponent and a frequent price commentator, spotted a supposedly similar structure in the cryptocurrency’s trading chart on the bi-weekly time frame.
According to him, some 36 weeks ago, the altcoin followed a similar structure and increased by a factor of 6x.
If history rhymes, we might be in for another rocket. – said Squire.
Is it realistic, though, and what would it take? Well, the first and most obvious requirement would be for XRP to achieve a market cap of around $1.2 trillion (given no new tokens float) – around three times that of Ethereum.
On top of that, there would have to be constant buy-side liquidity to the tune of hundreds of millions, if not billions of dollars at current levels of market liquidity. Just for example, a 2% move in XRP’s price would require unmatched buying worth over $12 million on Binance, which accounts for around 14% of XRP’s total trading volume.
XRP Prepares For Another Move?
In reality, XRP’s volume is down 15% over the past 24 hours and the cryptocurrency is seemingly consolidating for the past couple of days.
As CryptoPotati reported, Thumzup Media Corporation – a Nasdaq-listed firm, has approved a $250 million investment plan to expand its crypto holadings. It will be incorporating altcions such as XRP, ETH, SOL, DOGE, and LTC.
Popular analyst Lark Davis, meanwhile, seems to be of the opinion that if XRP is able to steady its price action above $3, it could surge to $4.1 or $4.5 – or, in other words – “bonkers territory.”
The post Proponent Suggests the XRP Price Can 6x From Here, But is it Realistic? appeared first on CryptoPotato.
Can XRP realistically achieve 6x gains from its current price point? Crypto Bits, Crypto News, XRPBTC, XRPUSD, Ripple (XRP) Price
This articles is written by : Nermeen Nabil Khear Abdelmalak
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