Tuesday, February 27Welcome to Cryptolifedigital

Crypto Analyst Boldly Predicts XRP Price to Reach $352: Mooning in 2024?

In a bold prediction that has stirred excitement within the XRP community, a crypto analyst from the JWK Show channel on YouTube has suggested that the price of XRP could potentially skyrocket to an astonishing $352. The analyst arrived at this ambitious figure using an XRP calculator based on a valuation model developed by Susan Athey, a member of Ripple’s board, and Robert Mitchnick, a former employee of the crypto firm.

Read Also: Terra Classic Meme Contest 2023: Unleash Your Creativity and Humor in the Crypto World!

XRP Price Projection Methodology

The crypto analyst inputs various metrics, including transaction volume, circulating supply, store of value, and transaction processing time, into the XRP calculator. The calculated result pointed to a potential future price of $352. It’s important to note that this prediction was made within a five-year outlook, although no specific timeframe for the realization of this price target was provided.

The analyst also referred to an X (formerly Twitter) post, suggesting that the XRP community could witness the crypto token “finally mooning” in 2024. While the $352 price prediction might seem ambitious given XRP’s current value of around $0.62, the analyst emphasized that this projection aligns with a long-term perspective.

XRP price chart from Tradingview.com
XRP trending at $0.63 | Source: XRPUSD on Tradingview.com

Altcoin Market Breakout

The crypto analyst expanded the analysis to the broader altcoin market, noting that altcoins, including XRP, are transitioning from the accumulation phase to the bull phase. Drawing parallels between the current chart pattern and a similar pattern in 2019 before altcoins entered a bull phase, the analyst expressed optimism about the altcoin market’s potential.

Read Also: Solana (SOL) Emerges Victorious in 2023: Can it Surpass $1,000 and Outshine Ethereum?

XRP Investment Opportunities and Suppression Claims

Highlighting XRP as a promising investment, the analyst pointed out that the cryptocurrency is poised to break out of a two-year trendline, potentially leading to a significant price surge. Additionally, the spike in XRP’s transaction volume was cited as a bullish indicator for the crypto token.

Interestingly, the analyst echoed sentiments shared by others in the XRP community, suggesting that the price of XRP is currently suppressed. According to the analyst, the XRP price is expected to go parabolic “when the 1% are ready, which should be in 2024.” The reference to the “1%” remains somewhat unclear.

As of the time of writing, XRP is trading at around $0.62, experiencing a slight decrease in the last 24 hours, according to data from CoinMarketCap. It’s essential to approach price predictions with caution in the volatile crypto market, considering various factors that can influence digital asset valuations. The community eagerly awaits further developments in XRP’s journey and the realization of these ambitious predictions.

 


Follow us on Twitter, FacebookTelegram, and Google News

Share this:

Leave a Reply

Your email address will not be published. Required fields are marked *