Analysts Predict Up To 7,637% Increase

25 June 2024

in XRP

Reading Time: 2 mins read

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Crypto enthusiasts buzz with speculations about the rise of XRP, with analysts providing compelling arguments for a massive increase in its value. According to Armando Pantoja, there existed five reasons why the price of XRP could have an astounding rise of 7,637 % to $20.

First, Pantoja points to the Elliott Wave Structure, which XRP adheres to very obediently. Often a five-wave pattern, it usually leads to dramatic spikes in prices, just like it happened in 2017 when the token had its dramatic 7,784% increase after the pattern’s completion. Currently, XRP has come very close to completing this wave and is highly likely to come up with another explosive rise.

Secondly, XRP’s market resilience stands out in the current cryptocurrency downturn. Unlike many altcoins that have struggled, the token has shown remarkable strength, outperforming its peers. Pantoja notes that this resilience is a significant indicator of its potential for a substantial price increase, especially as the market starts to recover.

Another essential factor would be the ongoing lawsuit with the SEC; with a clear Ripple win, the regulatory uncertainty haunting the token for so long will vanish and lost investor confidence will be recovered. Getting rid of these legal clouds will send the price to unprecedented heights because clarity in regulation is a significant hindrance for most cryptocurrencies.

Technological advancements also play a pivotal role. On its part, RippleX’s enhancements to the XRP Ledger have improved its functionality, thereby making it more useable for cross-border payments. They bolster network efficiency, attract financial institutions and investors, and lay the foundational work for potential value rise.

XRP Quarterly Hammer Formation: A Bullish Signal

In addition to Pantoja’s analysis, EGRAG CRYPTO brings attention to the Quarterly Hammer pattern on XRP’s three-month time frame. Historically, the token has shown two Hammer Candles before significant price pumps: one in April-June 2016 and another in July-September 2017.

EGRAG CRYPTO emphasizes the importance of the next three-month candle closing above $0.55-$0.58 within the next ten days to form another perfect Hammer formation. This formation would be a powerful bullish signal, indicating a potential mega pump around the corner.

If the Hammer 2 pattern emerges, the token could explode by 1700%, taking it to approximately $8 by July 2024. On the other hand, if Hammer 1 is needed, then another wait for a period of six months, but the resulting pump would be all the more dramatic, which would result in an estimated 5500% rise and take it further to as much as $27.

Though both analysts gave enough compelling reasons to believe in the tremendous appreciation of the value of XRP, from the technical patterns and market resilience to legal wins and technological innovation, the prospects for it are bright. They will herald a new era of growth and profitability

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