A popular Bitcoin ($BTC) advocate has recently revealed he believes that the price of the XRP Ledger’s native token, $XRP, could soon undergo a significant market rally, to the point the analyst set a bold $10 price target for it, conditional on regulatory clearance.
Crypto Caesar, a reputed analyst in the crypto realm and a dedicated Bitcoin believer, shared with his over 60,000 followers on the microblogging platform Twitter his anticipation that XRP could surge exponentially if the cryptocurrency gets regulatory clarity.
In his latest analysis, Caesar underscores that XRP is bracing for a significant upswing on the monthly time frame, reinforced by a bullish crossover seen on the Linear Moving Average Convergence Divergence (LMACD) indicator.
The LMACD, a tool used to pinpoint potential shifts in market trends and produce buy or sell prompts for an asset, is a variant of the standard MACD indicator, employing linear moving averages rather than exponential ones.
The validation of a bullish crossover on XRP’s LMACD signals a promising future for the asset. It denotes that the short-term linear moving average has overtaken the longer-term one, hinting at a potential price increase.
Interestingly, a glance at historical data reveals that such an occurrence has materialized twice since 2016m with each of these leading to a dramatic surge in XRP’s value.
As CryptoGlboe reported, large XRP holders, colloquially known as whales in the cryptocurrency space, have reportedly amassed a staggering 1.1 billion XRP, equivalent to roughly $570 million, since February.
Earlier this month, as CryptoGlobe reported, XRP whales accumulated over 360 million tokens after the price of the cryptocurrency tumbled by around 12% within a single week. The dip was enough for whales holdings between 10 million and 100 million XRP tokens to add to their stash.
Notably many have been getting increasingly bullish on the cryptocurrency, with a popular crypto market commentator recently revealing an ambitious XRP price prediction of $10 per token, based on several key events that could trigger rises for the cryptocurrency.
Per his words, the settlement of the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labscould see XRP rise to $3.5, while a relisting on cryptocurrency exchanges that delisted the token could lead to $5.
He speculated that an initial public offering (IPO) from Ripple might push the price to $7, with strategic partnerships with banking institutions possibly elevating it to $10.
These forecasts, it’s worth noting, are largely based on personal insights and market analyses. The price targets suggested may well prove to be overly optimistic given the inherently unpredictable and often volatile nature of cryptocurrency markets.
Earlier, a discernible pattern in the activity of daily active addresses started indicating that the native token of the XRP Ledger may be setting the stage for a significant price pump. The pattern has seemingly been spotted on multiple occasions in the past, leading to notable spikes.
Featured image via Pixabay.
