Following the recent legal ruling in the ongoing battle between the SEC and Ripple, a popular crypto analyst has predicted a significant price spike for XRP, envisioning the cryptocurrency reaching $6. CoinsKid, a well-known cryptocurrency influencer, offers technical analysis and describes parallels to the XRP situation in 2020, highlighting its growth potential.
In a video, CoinsKid outlines its XRP price prediction, noting that there could be a chance for price to pull back towards a support level before continuing its climb, similar to the pattern observed in 2020. He advised viewers to consider buying during a pullback, referred to as “buying blood.” “, rather than when the big green candle appears, as this can be seen as a selling opportunity.
Analysts also identify an ascending triangle chart pattern in XRP performance, suggesting a potential three-wave breakout. Considering the volatility in the crypto market and the anticipated US dollar rally, he proposed that XRP could potentially reach $6 by the end of the year. CoinsKid emphasizes that the third wave should be able to surpass XRP’s previous high in April 2021 and possibly even an all-time high of $3.3 per token, seen in 2018.
Another prominent analyst, Michael van de Poppe, also expressed optimism regarding the future of XRP. He recently highlighted a potential downside adjustment to around $0.65 but noted that this drop could set the stage for a bullish resurgence. Van de Poppe’s analysis suggests that a post-drop rally could push XRP’s value as high as $0.90.
As the legal battle between Ripple and the SEC unfolds and the recent decision regarding XRP’s classification as a security, market watchers are closely monitoring the cryptocurrency’s performance. The bullish predictions from analysts such as CoinsKid and Van de Poppe have given XRP investors optimism and anticipation for a potential price hike in the near future.