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While a 650-fold increase at first glance may seem exaggerated, the cryptocurrency markets have seen altcoins appreciate by tens of thousands of times. For example, Shiba Coin surged to its all-time high on Binance exchange, climbing thousands of times over its early 2021 price. PEPE Coin also experienced a similar series of gains. Of course, such gains are hardly possible for the largest cryptocurrencies because they have already reached market values in the billions of dollars.
XRP Coin Price Prediction
XRP Coin, which could not reach its anticipated peak in 2021 due to its battle with the SEC, saw an expansion of its supply during this period. Nevertheless, some analysts argue that XRP Coin’s price could see parabolic rallies. One such analyst is known by the pseudonym JD.
According to the analyst, the multi-year downward trend line and the MACD indicator signal that a parabolic rally is approaching. However, for this fluctuation to occur, XRP must break out from a decreasing trend line. This combination of events in XRP’s history occurred only once before, at the start of 2017.
After its market introduction, the price, which reached $0.0614 in December 2013, formed a 4-year downward trend line. It broke out of the trend line in March 2017, coinciding with the MACD indicator’s both lines rising above the zero level. According to JD’s chart, XRP increased 650 times after the breakout, and the same could happen again.
Ripple (XRP) Coin Commentary
In the midst of a general downward trend, JD suggests that the anticipated parabolic rally for XRP Coin is approaching. If it materializes, the price could escape the 6-year downtrend and see another parabolic rally similar to a 650x increase.
On the other hand, according to technical analyst Cryptoes, the cup and handle structure on the chart is noteworthy. This formation, seen as a rally signal after consolidation periods, also indicates that the XRP Coin price could rise.
XRP Coin price faces the risk of losing $0.6 as it failed to overcome the tough barrier of $0.65 in the short term. Bitcoin, on the other hand, is finding buyers at $38,700. Meanwhile, the circulating supply of XRP Coin has increased by another 1 billion. We had said that the circulating supply is at 53.8 billion against a maximum supply of 100 billion. If the price reaches $10, the market value of XRP Coin would need to hit 1 trillion dollars. Do you think XRP Coin could reach $10?
Currently, while BTC holds a market value of 757 billion dollars, XRP Coin is at 33 billion dollars, so a price appreciation by dozens of times may not seem very plausible.
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