XRP price has recorded a surge of over 6% today, hovering around the $2.5 mark amid a broader crypto market recovery. Amid this, a renowned market expert has predicted a potential rally to $38 for Ripple’s native asset, citing technical and historical trends. Besides, the recent Ripple Vs SEC update has further fueled speculations in the market.
XRP Price Surged 6%: A New ATH Imminent?
XRP price has surged more than 6% today and traded at $2.48, while its one-day trading volume skyrocketed 233% to $10.5 billion. Notably, the crypto has touched a 24-hour high and low of $2.57 and $2.31. Besides, the XRP Futures Open Interest rose more than 15% to $3.76 billion, reflecting the soaring market interest.
Amid this, a flurry of investors has indicated a potential rally for Ripple’s native asset’s price. With Ripple CEO Brad Garlinghouse revealing a potential big win in the XRP lawsuit, the community has been eying the future trajectory of the coin.
XRP Price To Hit $38?
In a recent X post, expert Gert van Lagen made a bold prediction for XRP price, forecasting a parabolic continuation of its bull market. According to van Lagen’s analysis, Ripple’s native asset is poised to bounce off the neckline of a 7-year-old Double Bottom/Ascending Triangle pattern.
According to his analysis, XRP is targeting a minimum of $38 based on historical trends. The last breakout of lesser magnitude resulted in the price doubling its parabolic target, indicating a potentially conservative estimate. Notably, Van Lagen’s analysis suggests a high level of confidence in XRP’s bullish trajectory.
The implications of van Lagen’s prediction are significant, indicating a potential major upside move for Ripple’s native asset. As the cryptocurrency market continues to evolve, expert analysis like van Lagen’s provides valuable insights for investors and enthusiasts alike.
What Lies Ahead?
A flurry of trends indicates a potential rally for the coin ahead. Besides, the recent comments from Ripple CLO Stuart Alderoty regarding the cross-appeal have further boosted the sentiment.
On the other hand, the recent XRP investment advancements have sparked hopes for a robust rally ahead. For context, Bitnomial launched the XRP Futures Contract recently, which has gained notable traction from traders.
On the other hand, EGRAG CRYPTO has recently predicted that the XRP price will hit $27 in the near term. In addition, in a separate analysis, he said that the crypto is poised to hit $8 in the near term once it closes above the $2.9 support. Meanwhile, in the long term, the analyst predicts that XRP could still rally to triple digits.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/analyst-predicts-xrp-price-rally-to-38-heres-why/
✓ Share: