A popular cryptocurrency analyst has recently made a rather optimistic $XRP price prediction, suggesting that the native token of the XRP Ledger could surge to $21 in the future, from its current price level of $0.63.
The prediction was made by the pseudonymous analyst CoinsKid, who in a video shared with their over 270,000 subscribers on the Google-owned video-sharing platform YouTube suggested a major upward shift might be on the horizon for XRP, pending on the cryptocurrency’s navigation through its current correction.
With specific focus on technical indicators, CoinsKid noted a potential breakout if XRP surpasses the 78.6% Fibonacci retracement level, which is hovering around the $1.30 mark. If XRP is to break this level, he said it could lead to a significant rise that has a chance to propel the token to $21 by 2025.
The analyst underlined the belief that XRP has maintained its “massive” bull market stance since 2020. Even with the recent market corrections, he remains optimistic, viewing these shifts as typical within the bull market’s rhythm and pointing towards a probable long-term climb.
XRP, it’s worth noting, lost around 9% of its value over the last seven days. As CryptoGlobe reported, the cryptocurrency has seen its market capitalization drop by nearly $10 billion from its peak this year, which was seen shortly after a federal judge ruled the cryptocurrency isn’t necessarily a security.
According to available market data, the market capitalization of XRP umped to $44.32 billion shortly after a federal judge in New York determined that the XRP token “is not necessarily a security on its face.”
The ruling came after the U.S. Securities and Exchange Commission (SEC) sued Ripple back in 2020 for alleged violation of U.S. securities laws, arguing that the firm sold XRP without prior registration with the agency.
XRP’s price decline is likely a result of recent criticism from U.S. District Judge Jed Rakoff of the Southern District of New York, which contested Judge Torres’ differentiation between institutional sales and sales to retail investors on cryptocurrency exchanges.
Notably, a popular crypto analyst has recently suggested XRP’s price could soon drop below the $0.50 mark to nearly completely retrace the rise it saw after the initial ruling.
Institutional investors have, nevertheless, seemingly started accumulating the token. Cryptocurrency investment products investing in XRP and Cardano ($ADA) have been attracting significant inflows, with institutional investors seemingly preferring altcoins over the past week, with the exception of Ethereum.
Funds investing in Cardano, Solana ($SOL), and XRP have seen significant inflows, raking in $640,000, $600,000, and $500,000 from investors last week. In contrast, Ethereum-focused funds saw $1.9 million in outflows, while Avalanche ($AVAX) investment funds saw $400,000 in outflows.
Featured image via Pixabay.
