TLDR
- An analyst predicts XRP price could reach $50-$60, a 10,400% increase
- The prediction is based on technical analysis of XRP’s price movements
- Ripple recently settled with the SEC for $125 million over XRP sales
- There are plans to tokenize U.S. Treasury bills on the XRP Ledger
- Some predict XRP could reach very high prices like $10,000 in the future
The cryptocurrency XRP has been the subject of bold price predictions recently, with some analysts forecasting major increases in its value.
These predictions come in the wake of Ripple’s legal settlement with the U.S. Securities and Exchange Commission (SEC) and new initiatives to expand the use of the XRP Ledger.
One crypto analyst, Brett Hill, shared a prediction that XRP’s price could potentially rally to between $50 and $60. This would represent a significant increase of around 10,400% from its current price of about $0.57.
Hill based this forecast on technical analysis, pointing to XRP’s weekly Moving Average Convergence Divergence (MACD) indicator as a signal of strong bullish momentum.
Hill identified $0.5403 as a key support level for XRP. He suggested that if XRP remains above this level, it could be positioned for major gains. However, he also noted a resistance level at $0.6836, which XRP would need to break through to potentially trigger further upward movement.
🚀 #XRP is gearing up for a MASSIVE breakout! 🚀
MACD signals strong bullish momentum 📈 – XRP could soar to $50-$60 soon! 💸
Key support at 0.5403 USDT 🛡️ – As long as it holds, XRP is primed for BIG gains 🔥
Watch out for resistance at 0.6836 USDT 🎯 – Once it breaks,… pic.twitter.com/OdfuC7zDpR
— Brett Hill (@Brett_Crypto_X) August 12, 2024
These optimistic predictions follow Ripple’s recent legal settlement with the SEC. On August 8, 2024, the U.S. South District Court fined Ripple $125 million for violating securities laws by selling XRP to institutional investors.
Ripple’s CEO, Brad Garlinghouse, viewed this as a positive outcome, given that the SEC had initially sought a much larger settlement of $2 billion.
The legal clarity provided by this settlement has led some analysts to express optimistic views about XRP’s future. One analyst known as ‘CryptoBull’ projected that XRP could reach between $13 and $46 within the next 1 to 18 months.
In addition to these price predictions, there have been developments regarding the use of the XRP Ledger. OpenEden, a tokenization platform, announced plans to bring tokenized U.S. Treasury bills to the XRP Ledger. This initiative, in partnership with Ripple, aims to allow users to earn Treasury yields of up to 5.02% on the blockchain.
Some market commentators believe that the tokenization of real-world assets on the XRP Ledger could be a significant factor in driving up XRP’s price.
Robert Doyle, founder of Cryptonairz, suggested that if trillions of dollars worth of assets like real estate, stocks, and bonds were tokenized on the XRP Ledger, it could potentially push XRP’s price as high as $10,000.
As of August 14, 2024, XRP was trading below $0.60, having faced resistance after briefly rising above $0.64 following the SEC settlement news.
Analysts attribute the current price downturn to broader market conditions, noting that August has historically been a bearish month for cryptocurrencies. Global factors, such as geopolitical tensions, have also been cited as contributing to investor caution in the crypto market.
Source: https://blockonomi.com/xrp-to-60-analysts-bold-prediction-amid-ripples-sec-settlement/