Ripple (XRP), which has been battling with the SEC in courtrooms for years, has reached the end of the road. However, the price does not reflect this. At the time of writing, the XRP Coin price is below $0.65. Sellers have taken action due to the decline in BTC and the revelation that the BlackRock application is fake. So, what are the predictions of the mysterious analyst?
XRP Coin Prediction for the End of 2023
Ripple’s native token, XRP Coin, has significantly increased after the victory against the US Securities and Exchange Commission (SEC) in July. The price saw an impressive rally up to $0.93. Now, it is trading near its bottom level, almost 100% higher. However, according to the mysterious analyst, it is likely to reach $2.4 soon.
There are two main reasons for the recent rise of Ripple (XRP). The first one is the rapid recovery in overall market sentiment. The second one is the court ruling declaring that XRP Coin sales on exchanges are not securities.
Crypto expert Tony “The Bull” highlighted the bullish formation seen in 2017 in his recent market analysis on Account X. According to this technical formation, the analyst believes that the price will return to $2.4 after a long period.
XRP Coin Price Target
If this formation reoccurs, the market could see XRP surpassing its all-time high of $3.40 with a 900% increase. It is not impossible for the altcoin, which did not perform as well as its competitors in November, to reach the ATH region again. However, it is fair to say that it is more challenging than before.
With a circulating supply that has rapidly increased over the years, XRP Coin has a circulation supply of 53 billion. In an environment where the price is $3, the market value needs to exceed $150 billion. Considering the maximum supply is 100 billion, the market value should exceed $300 billion after all the key unlocks are completed.
In the short term, it may not be possible for XRP Coin to reach the $2.4 or $3 levels, as the cumulative value of cryptocurrencies is not expected to reach $5 trillion. Moreover, there is no obligation for past technical formations to repeat in the future. Especially considering that the available supply for sale is much higher than years ago, we can understand how low the probability of realization is.
