Analyst’s Emphasis on 650-fold Increase for That Altcoin: Is There Really a Possibility?

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XRP Its price managed to gain 7% value after its downward trend and started to move more in line with the market. Crypto analyst JayDee claimed that despite all the negative outlook, the price will perform much better than the cryptocurrency market in the very near future. The analyst stated that the price will increase by 650 times.

The analyst noted in a recent TradingView analysis that there is currently a latent bullish divergence in XRP that mirrors a similar historical pattern from 2017.

As we reported as Koinfinans.com, the XRP price at that time cryptocurrency recorded less growth compared to the market. However, it soon gained momentum and left other assets behind.

It is noteworthy that the current technical setup closely resembles that of 2017, including the bullish divergence and price action within a symmetrical triangle. As a result, if history repeats itself, it could follow a parabolic run.

XRP price is preparing for a parabolic rally

The projected 650x increase from its current value could see the XRP price rise as high as $357.24 per token. The cryptocurrency is trading at around $0.55, up 5% in the last 24 hours.

Can XRP Price Really Rise This Much?

As many experienced investors can easily point out, a 650x increase in the current XRP price is unrealistic, especially in the short term.

For example, a price of $357 per coin would bring the asset to a market cap of 1.94 trillion, which is the current value of the entire crypto market. This figure comes when considering XRP’s current circulating supply of 54.5 billion coins.

A common conclusion from the latest analysis is that there is significant room for growth in XRP price in the coming years. However, although the extent of this growth cannot be precisely measured, history shows that it can be quite large.

Source : The Crypto Basic


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