The XRP price has been characterized by bullish predictions throughout this month. Crypto analysts have put forward countless analyses about why the altcoin is poised for a massive rally. Another analyst has joined the ranks of the bullish, putting the XRP price as high as $250.
Here’s When The XRP Price Will Get To $250
A crypto analyst on TradingView who goes by oaksacorn is envisioning a massive bull market on the horizon. The analysts point out that the current market cycle is mimicking that of the 2015 market cycle which had preceded a massive rally that started in 2016 and ended in early 2018.
According to the analyst, this market structure could see the price of Bitcoin reach as high as $215,000. In this case, the analyst projects that the XRP price could rise as high as $43 initially. From here, they believe that the XRP price “will begin to show its light.”
Furthermore, the analyst puts forward that if the market continues to keep in line with the 2015-2017 market cycle, then the price of Bitcoin could reach as high as $1.247 million. Since the general market follows the Bitcoin trend, oaksacorn says the XRP price could shoot as high as $249.
XRP set to rally high in bull market | Source: XRPUSD on Tradingview.com
In closing, the analyst points out that investors should not look at crypto market caps the same they look at the market caps of companies. They explain that these two forms of market caps do not work the same way for each asset. “Do not let the market cap concept smother your potential,” the crypto analyst added.
XRP In The Short-Term
One event that the XRP community is currently looking toward is the Ripple celebration party taking place later this week. The date for the party is set for September 29 and will be held in New York. According to the Ripple CEO, this party is the firm’s way of properly celebrating its victory over the US Securities and Exchange Commission (SEC).
Sentiments are expected to turn positive with the celebration as it could serve as a way to boost morale. This could improve confidence in the token and lead to more buying. It also highlights Ripple being able to fight the regulator and win, setting a precedent for other firms in the crypto industry.
The XRP price is already seeing some bullish momentum this week after the bulls were able to beat the $0.5 resistance. Rising interest is also proven in the over 6.6% spike in its daily trading volume in the last 24 hours.
XRP price struggling at $0.5 resistance | Source: XRPUSD on Tradingview.com
Featured image from Crypto News Flash, chart from Tradingview.com
Source: https://bitcoinist.com/xrp-price-at-250/