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Cryptocurrency News Articles
XRP (XRP) Moon Shot Incoming? Analyst Predicts a Big Rise as Elon Musk Makes His First Public Reference to the Altcoin
Oct 23, 2024 at 11:00 pm
A crypto market analyst recently released a study that predicts a big rise in the price of XRP. This study fits with the current excitement in the crypto community
A crypto market analyst has recently released a study that predicts a big rise in the price of XRP. This study fits with the current excitement in the crypto community, especially since Elon Musk made his first public reference to XRP.
In a video that went viral on Crypto Twitter, Musk talked about how valuable cryptocurrencies like XRP are. This caused a purchasing frenzy. Musk didn’t fully back XRP, but his comments about how cryptocurrencies can help people’s freedom have made people wonder how this might affect the price of the altcoin.
It was brought up in the video that Musk was asked if he thought XRP could play a big role in the global financial system, given the SEC’s focus on regulating the cryptocurrency. His answer was simple, but it worked.
He said that coins like XRP challenge centralized control and support personal freedom, but that was not a call to action. Although it did not express outright support, such statements by Musk have given hope to crypto investors because of the influence he has on the market.
Crypto analyst Steph’s technological study fits this increasing buzz. Since 2018, he noted a symmetrical triangular pattern developing on the XRP/USD chart that points to a notable breakout perhaps just ahead.
Currently at the top of this triangle, XRP reflects the 2017 situation that resulted in its spectacular surge and all-time high of $3.31. Investors are eagerly observing since Musk’s remarks seem to coincide with this pivotal technical turning point.
Steph notes that XRP’s price suppression has been largely attributed to regulatory hurdles, particularly in light of Ripple’s ongoing legal battle with the SEC. However, he anticipates a major breakout for the coin—similar to 2021 when it outperformed Bitcoin by 460%.
Even if Musk does not explicitly endorse the token, its mention could boost market sentiment as some speculators believe that the altcoin is currently more accessible than Bitcoin.
Essentially, Steph is optimistic about the future of the altcoin but highlights the developing relationships between Ripple and major financial institutions. The implication for this is that XRP will become even more critical within the global financial system as CBDCs become more widely adopted.
Moreover, institutional interest in the asset is also evident in the recent filings for XRP-related ETFs by Canary Capital and Bitwise. These events, coupled with Musk’s remarks, have reignited hopes once more regarding XRP’s long-term potential.
Nevertheless, Steph advises caution despite the positive technical and fundamental signals. While he anticipates XRP could possibly hit $40, he suggests a more realistic target range of $5 – $10. Given the highly volatile and unpredictable market, he encourages investors to exercise their best judgment.
Steph emphasizes the importance of strategic and prudent investment considering the inherently volatile nature of cryptocurrency markets, despite the possibility of a new all-time high by the end of 2024.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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