On a recent YouTube show, a crypto analyst made a shocking XRP prediction.
The JWK YouTube channel, known for crypto predictions and blockchain trends declared a $352 price prediction for XRP.
This seems a tad high – but before throwing tomatoes, let’s outline his major bull case.
He highlights throughout his technical analysis that he believes XRP is currently in an accumulation phase.
He compared the set up to XRP in 2019, where investors had to wait about a year to achieve major gains.
Now, he does not mention a specific timeline for the XRP price prediction, but we can garner that $352 is a long way off.
XRP’s Bull Case
When looking at his XRP price prediction, technical analysis is one thing. But let’s review his other catalysts to achieve the staggering projected gains.
The first trend he outlines is a report from Dizer Capital.
This ‘under the radar’ fund is is inviting leaders of the crypto industry to launch an XRP ETF in Hong Kong.
“Wall Street institutions might consider filing for an XRP Spot ETF in the United States.” https://t.co/2fWVPy9lhH
— Digital Assets Daily (@AssetsDaily) December 18, 2023
The BTC spot ETF has created much speculation in the crypto world.
Before truly getting our hopes up of a potential XRP ETF, we’ll give more weight to his insight of XRP’s recent volume.
JWK notes a recent spike in XRP’s volume — up nearly 75%.
That certainly seems like a bullish catalyst, but is it enough for XRP to hit over $300?
For now, we’re sticking to our price target of $3 for XRP in 2024.
Without mentioning a specific timeline it’s hard to put too much stock into his prediction.
Summary
We agree with JWK about XRP being in an accumulation phase, but we’re wary of setting expectations too high for 2024.
Still his prediction should be given some credit — as he’s not the only analyst to predict big things for XRP in the not-so-distant future.
For now, we’ll be providing our readers with all types of daily insights and the latest crypto news.
And we’re sticking to our PT of $3 for Ripple Lab’s XRP.
Disclaimer: this is not financial advice. Please consult a licensed financial advisor prior to making any investments.
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