A crypto analyst recently shared a positive outlook for the XRP price, the native token of the XRP Ledger (XRPL), predicting a potential rally of up to 10,400% with a price target of $60. The analyst, Brett Hill, expressed bullish sentiment in an X post, indicating that XRP could be on the brink of a significant breakout that may propel it to new all-time highs.
Hill outlined his forecast based on XRP’s price movements from March 2023 to 2025. According to his analysis, XRP is expected to reach a price range of $50 to $60, representing an impressive surge from its current value. He also noted the weekly Moving Average Convergence Divergence (MACD) indicator, which is currently signaling strong bullish momentum for XRP, reinforcing the possibility of reaching new peak levels.
The analyst emphasized a key support level at $0.5403 and predicted that as long as XRP remains above this level, it could potentially surge to $50 to $60. With XRP currently trading at $0.57, maintaining above the crucial support level could pave the way for achieving the ambitious price target in the near future. Hill also warned of a resistance level at $0.6836, stating that overcoming this barrier could trigger a significant upward momentum for XRP.
Hill pointed out Ripple’s recent legal victory over the United States Securities and Exchange Commission (SEC) as a catalyst for XRP’s potential growth. Following a $125 million fine imposed by the US South District Court, Ripple’s CEO viewed the settlement as a significant achievement compared to the initial $2 billion settlement demand from the SEC. This regulatory clarity has instilled confidence in market analysts, leading to positive outlooks for XRP’s future value.
Analysts and market enthusiasts, including Amelie and ‘CryptoBull,’ have projected optimistic scenarios for XRP’s future. Amelie highlighted the regulatory certainty surrounding XRP as a driver for injecting trillions of dollars into XRPL projects. Likewise, ‘CryptoBull’ on X has set a major bullish price target for XRP, reflecting a collective sentiment of positivity and growth potential within the cryptocurrency community.
The bullish forecast for XRP presented by the crypto analyst indicates a promising future for the digital asset. With factors like strong technical indicators, regulatory clarity, and market sentiment aligning in favor of XRP, the predicted rally of up to 10,400% to a price target of $60 seems feasible in the coming period. Investors and traders may find this optimistic outlook as a guiding factor in their decision-making process regarding XRP investments.
