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- The analyst predicted that XRP could break through a key resistance level and reach $16 if it matches Ethereum’s 58X in the previous cycle.
- This incredible run could be fueled by a potential spot XRP ETF approval; meanwhile, a Bloomberg ETF analyst expects approval to be delayed until legal issues surrounding its securities status are resolved.
XRP makes a bold move on its 24-hour chart, posting an incredible 11% gain to extend your 90 day gain to 358%. Our market data shows the asset was trading at $2.4 at press time as it looks to reverse its bearish trend to make a decisive move above its all-time high of $3.8. Commenting on this fascinating performance, a crypto analyst identified as DonAlt posted an XRP chart and titled it “Good Chart”.
God’s card pic.twitter.com/eZReg5ERO4— DonAlt (@CryptoDonAlt) January 1, 2025
Aside from a number of factors that could push the asset up the price curve, several analysts have remained bullish for several months, with EGRAG CRYPTO predicting a peak price of $16 for XRP if it matches 58x Ethereum (ETH) in the previous cycle. If XRP matches 21X Bitcoin (BTC), the price could be around $5.88. Meanwhile, EGRAG CRYPTO expects XRP to make a 40x jump as a base value.
It is important to note that the current XRP price trend was predicted by an analyst named Dark Defender on January 1st. According to his post, the asset was on the verge of completing a correction pattern on the weekly chart.
We conducted a detailed analysis on Patreon and addressed the 9Dec24 structure, stating that XRP will follow a corrective pattern. XRP followed the same path we discussed. It might be risky to say that, but I expect XRP to break this triangle within a week! The Fibonacci target levels are the same, the first being exactly $5.85.
The XRP ETF could be the catalyst
In exploring some of the factors that could drive the asset to these levels, we found that a potential spot XRP ETF approval could play a major role. Meanwhile, Bloomberg ETF analyst Eric Balchunas believes that Litecoin (LTC) and Hedera (HBAR) ETFs could get approval before XRP. According to him, the possibility of approval of the LTC ETF is primarily based on the fact that it was forked from Bitcoin. Additionally, HBAR has been delisted as a security token in multiple lawsuits filed by the US Securities and Exchange Commission (SEC).
For XRP, it is reported that its security status is in dispute as Ripple’s lawsuit against the SEC is still active. According to a ruling announced by Judge Analisa Torres in June 2023, XRP becomes a security when it is sold to institutional investors. Meanwhile, another Bloomberg ETF analyst, James Seyffart, believes that XRP could possibly be considered if the legal issues surrounding Ripple are resolved. According to his observations, this may be possible when the new SEC administration takes office this month.
Meanwhile, Ripple’s Chief Technology Officer (CTO) David Schwartz believes the SEC deliberately used the term “investment contracts” to cause confusion.
The SEC treated any reasonable reliance as if it were a contract. They are often opposites. If you can reasonably rely on me to do something because it’s in my best interest, you don’t need a contract.
