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According to popular crypto analyst Steph is Crypto, XRP could be on the verge of an extraordinary rally, potentially soaring over 7,400% from its current price.
Speaking on Monday, Steph offered a detailed analysis suggesting that while this target may seem ambitious, a combination of technical indicators and fundamental factors makes it conceivable.
Notably, the analyst highlighted the widely discussed seven-year symmetrical triangle pattern on the monthly chart.
“The price is currently still getting compressed in this huge symmetrical triangle pattern,” he explained.
He further pointed out that such patterns have historically led to substantial price surges, citing a 2017 instance when XRP experienced a dramatic rise following a similar breakout. According to him, this suggests that history might be poised to repeat itself.
We are nearing the apex, and the technical target of this pattern in case of a breakout is located at around $40,” he added, emphasizing that that price tag for XRP is “definitely a possibility and maybe even a lot higher.”
The pundit further fortified his argument on the market capitalization of XRP. Despite skepticism from some quarters regarding a $40 price target due to XRP’s current market cap of just below $30 billion, Steph argued that the market cap alone does not accurately reflect the cryptocurrency’s potential.
“The market cap of a cryptocurrency doesn’t reflect the actual value or money in the protocol,” Steph stated. “It’s more a theoretical figure based on the assumption that all coins in circulation could be sold at the current price, which is unrealistic.”
Additionally, Steph emphasized that the total altcoin market cap, excluding Bitcoin and Ethereum, has not yet reached new all-time highs, suggesting significant potential for growth in the altcoin space, including XRP. He pointed to upcoming developments, such as the anticipated launch of Ripple’s USD stablecoin (RLUSD), which could further bolster XRP’s ecosystem.
That said, Steph’s optimistic analysis comes even as XRP is experiencing a challenging period.
However, according to Artur Kirjakulov, CEO of XPMarket, who brought the issue to light, while this drop might seem alarming, it could signal a reallocation of capital toward newer, innovative projects within or beyond the XRP ecosystem, potentially leading to fresh development opportunities, especially with the upcoming launch of the stablecoin.
At press time, XRP was trading at $0.57, reflecting a 2.56% surge over the past 24 hours.
USA Goldmines