A popular cryptocurrency analyst has recently made a daring $XRP price prediction suggesting that the native token of the XRP Ledger could soon see its price surge to a whopping $220, based on a historical pattern that would lead to that level if it was repeated.
In a post shared on the microblogging platform X (formerly Twitter), analyst CryptoBull noted that back in 2013 the price of XRP was of around $0.002 and that by 2018 the cryptocurrency had surged to a high of $3.84, the cryptocurrency’s all-time high seen back in 2018.
The price of XRP notably then corrected to a low near $0.14 before it started recovering, and despite nearing $1.6 in the 2021 bull run, it’s now trading at $0.559 per coin. Per the analyst, when looking at XRP’s price chart the bottom and top during appear to align with the retrace.
CryptoBull added that following the same pattern, the next bullrun could see $XRP jump to $220.
As CryptoGlobe reported, XRP’s price surged to a two-month high amid a wider cryptocurrency market rally that saw the price of the flagship cryptocurrency Bitcoin ($BTC) reach a 16-month high.
The rally was based on optimism on the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States, after BlackRock’s proposed iShares spot Bitcoin ETF was listed on the Depository Trust & Clearing Corporation (DTCC), which provides post-trading, settlement, custody, and information services for Nasdaq.
XRP has notably been outperforming a large number of altcoins over a number of factors, including the U.S. Securities and Exchange Commission (SEC) dropping its securities violations charges against Ripple’s executives, which helped the cryptocurrency achieve its largest single-day surge in months.
Responding to the $220 price prediction, however, several users noted that such a significant rise is unlikely, with one user suggesting XRP would need a market capitalization of over $20 trillion for the price to get that high.
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