Doctor Profit, a prominent XRP investor, has shed some light on a comprehensive report by BloFin on the long-term potential of XRP. According to the analyst, XRP is more for long-term investors rather than those seeking quick profits through day trading. The coin has shown significant resilience, maintaining a place in the top 10 cryptocurrencies despite a sharp 75% drop in 2020 due to the SEC lawsuit.
With legal clarity, will XRP return to pre-SEC times?
To support his stance, analysts went back to the pre-SEC era when XRP rose 60,000% in 2017. Notably, despite a 75% drop in 2020 due to the SEC lawsuit, it remained in the top 10 cryptocurrencies for a decade. Although it has not recaptured its 2017 peak of $3.20 and missed the 2021 bull run, XRP’s resilience is remarkable. Moreover, with over 300 partnerships with financial institutions and potential involvement in CBDCs, XRP is well positioned for future growth.
The analyst believes that the recent court ruling that XRP is not a security is a major positive turnaround and provides much-needed regulatory clarity. This change could open the doors for an XRP ETF and renew interest from large investors who were previously hesitant due to legal uncertainties.
Technically, the XRP price will increase within a year!
However, his technical analysis suggests that XRP is close to reaching new heights. The chart shows a resistance level at $0.72, with a breakout potentially leading to a new bull run. He predicts that XRP could reach between $16 and $20 if it mirrors the 2017 breakout. Even in a worst-case scenario, he expects a price range of $4 to $7 within a year.
The analyst concludes his analysis with a strong recommendation to buy XRP at key levels between $0.38 and $0.44, as dips in this area represent buying opportunities. He remains bullish on XRP, emphasizing that positive developments and technical indicators suggest significant future gains.
Will XRP reach $3 or $4?
Although all indicators are green, XRP fans are optimistic after the recent court victory. They believe that this could see the token surpass its previous high of $3.84. XRP is currently trading at $0.6314 and is up 23.8% in the last 24 hours, but is still about 81.4% below its 2018 peak.
To keep expectations realistic, a crypto analyst known as “360 Trader” has spoken out and pointed out that the price of XRP could skyrocket this cycle given recent developments. They predict a realistic target range of $4-$8, emphasizing that recent legal clarity has lifted previous restrictions and could lead to significant gains for XRP.
The question now is whether this upswing could pave the way for XRP to reach new record highs soon. We will have to wait and watch.
Ripple (XRP)
