The price of the native otken of the XRP Ledger, XRP, has been underperforming the wider cryptocurrency market over the last few months, having dropped around 15.6% so far this year while Bitcoin moved up 57% in the same period.
A popular pseudonymous cryptocurrency analyst, however, suggested that the price of the cryptocurrency could endure “one last nuke” before surging significantly, sharing a chart on the leading cryptocurrency exchange Binance pointing to a drop to the $0.40 mark, significantly below its current $0.518 level, as part of the cryptocurrency’s five-wave price action with a bullish divergence.
The price of the cryptocurrency, according to the shared chart, would then explode upward towards $0.747, which would represent an upside of 44% from current levels.
Other analysts are also bullish on the native token of the XRP Ledger, with digital content creator Block Bull pointing to a massive value increase to the point the cryptocurrency would reach the $250 mark by 2025, supporting the prediction with an analysis of historical market trends, especially those related to Bitcoin halving events.
Another cryptocurrency analyst, Jonathan Carter, has suggested XRP may be on the cusp of a significant upswing, pointing to a symmetrical triangle on the cryptocurrency’s weekly chart, from which XRP could soon break out of.
The price of XRP has been trapped within this triangle for several years, reflecting a potential tug-of-war between buyers and sellers. A successful breakout, Carter said, would see XRP move upward significantly.
Despite the bullish analysis, the cryptocurrency market remains inherently volatile, and unforeseen events can significantly impact price movements. Additionally, the lingering SEC lawsuit, which centers around XRP’s classification as a security, continues to cloud the token’s future.
A negative outcome in the lawsuit could dampen investor sentiment and derail any potential price surge. Nevertheless, other analysts remain bullish, with Egrag Crypto recently saying a potential surge to the $4 mark is “feasible.”
Featured image via Unsplash.
