A crypto analyst predicts that the price of XRP, the native token of the XRP Ledger (XRPL) could witness a 1,000X rally soon. Despite the recent significant decline within the cryptocurrency’s price, the analyst stays confident in the longer term outlook of XRP.
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XRP Gears Up For 1,000X Surge
A crypto analyst identified as ‘Mickle’ on X (formerly Twitter) has shared bullish insights on XRP’s future value, emphasizing the cryptocurrency’s potential to interrupt out of bearish trends and witness a massive rally to recent highs.
During his video post, Mickle revealed that XRP could witness a considerable bullish surge of 1,000X soon. Which means that the crypto analyst expects XRP’s price to rise from its current value of $0.57 to $570 on this bullish cycle.
The analyst has based his ambitious predictions on a positive regulatory change in the USA. Based on Mickle, the US is about to witness a large political shift that might favor the industry by providing clear regulations for cryptocurrencies to prosper. Consequently, outstanding cryptocurrencies including XRP are poised for a serious breakout.
Mickle disclosed that the cryptocurrency community has endured a particularly hostile environment within the US, marked by quite a few leading regulatory agencies taking seemingly aggressive enforcement actions against the industry. Despite these challenges, the analyst indicated that the crypto space has shown remarkable resilience and tenacity, emerging stronger after winning multiple court cases and successfully pushing for professional crypto laws.
Despite the recent decline in the value of XRP, Mickle continues to stay bullish, doubling down on his predictions in his most up-to-date posts. Based on the analyst, XRP’s price movement is currently within the means of ending a large formation just like a symmetrical triangle pattern seen between 2013 to 2017.
Mickle highlighted that in XRP’s triangle formation from 2013 to 2017, the cryptocurrency faced multiple declines and bearish sentiments. Nonetheless, despite the downtrend, XRP experienced an unexpected surge, reaching recent price levels.
Based on this evaluation, the crypto analyst suggests that XRP is currently in an analogous bearish trend but with a bullish outlook ahead. He believes that if XRP successfully completes this symmetrical triangle pattern, it could potentially witness an exponential breakout to the upside.
XRP is currently trading at $0.56. Chart: TradingView
XRP Price Plummets Below $0.6
Earlier this week, XRP’s price was trading above the $0.6 mark, displaying a robust tendency to interrupt out of bearish trends and proceed its upward momentum. Nonetheless, within the last 24 hours, the cryptocurrency has dipped by a large 10%, presently trading at a price of $0.57.
Based on CoinMarketCap, XRP has also recorded a pointy decline of 4.2% over the past seven days. This unexpected price dip comes because the legal battle between Ripple and the USA Securities and Exchange Commission (SEC) nears conclusion.
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Nevertheless, market intelligence platform, Santiment has revealed that when outstanding cryptocurrencies like XRP, ETH, BTC, and others show low 7-day average trader returns, it suggests an increasing likelihood of a price rebound.
Featured image from Looking for Alpha, chart from TradingView