Mobility in cryptocurrency markets has led Ripple’s XRP token to exhibit a remarkable performance in 2023. The increase of over 80% since the beginning of the year gained further momentum after the US court made a positive decision against Ripple.
A US court ruled that Ripple’s sale of XRP to retail customers did not violate securities laws. This decision positively impacted Ripple’s future transactions and adoption. Following the court decision, there was a noticeable increase in the altcoin price.
However, many cryptocurrency analysts think that Ripple’s XRP token is still not showing its full potential. Experts believe that the current price increase does not reflect its future growth potential, pointing out that the value of XRP may still increase.
Cryptocurrency analyst EGRAG CRYPTO says there is still great potential ahead of Ripple XRP states. According to the analyst, the altcoin could reach $10 in the near future depending on the current trend. However, this is only the first scenario, according to another scenario, XRP could rise above $50.
Details of XRP Analysis
EGRAG CRYPTO offers an analysis based on historical data to evaluate the future performance of XRP. The digital asset has only formed a three-month green candlestick sequence twice in a row. The first instance occurred in late 2015 and early 2016, which coincided with a 43.57% increase in XRP price. A 12-month period of consolidation followed, after which XRP rose a staggering 8,000%.
The second example of the three candle pattern appeared in late 2017 and triggered a 1,506% rally. This was followed by a shorter consolidation phase, also lasting only five months.
The analyst believes that XRP is about to see three more green candles in a row. While making this prediction, EGRAG said that the third green candle would occur within 17 hours. As expected, XRP closed November in green. However, time will tell whether EGRAG CRYPTO can achieve its price target.
In both scenarios, EGRAG believes in the potential for XRP to reach new highs. However, these predictions may change depending on how events develop and the general conditions in the altcoin market. Taking this analysis into consideration, investors should make decisions appropriate to their own risk profiles and follow market conditions closely.
You can follow the current price movement here.