It has been hypothesized by Analyst Investments that XRP is on the verge of a euphoric breakthrough, which might propel it beyond the $7 mark in the year 2024.
Recently, a study was conducted on Anlyst that took into consideration a number of characteristics that are converging and hint at significant potential.
He began by examining the price chart of XRP and seeing that it is developing a breakout above a resistance line that is considered to be a macro trend line. An indication that a possible long-term reversal is on the horizon is provided by this element, which is a key bullish indicator.
"XRP has verified the breakthrough of a downtrend that has lasted for six years. "This is truly insane," he said.
Myles emphasizes the significance of XRP's fundamentals, particularly its use case and the progress that has been made in Ripple Labs' legal case against the SEC. Although technical analysis plays a significant role in predicting the prospective price of XRP, Myles also emphasizes the necessity of using XRP.
The old banking system that existed after the CBDCs can be replaced with XRP, and it has the potential to do a million insane things in the world of finance... The case that Ripple and XRP are now engaged in with the Securities and Exchange Commission (SEC) will be resolved this year, which is the reason why they are unable to make significant gains.
Additionally, he said, "Ripple is going to be ICO'ing, which means that you will be able to buy and sell it on the New York Stock Exchange. This is going to bring even more billions and trillions of dollars into Ripple and XRP."
Following this, Myles makes the observation that analysts are making "crazy predictions" about the potential future of XRP, but he believes that a "realistic" objective for this year is anywhere between $3 and $7.
After that, he goes back to the chart of the XRP price and explains that the most recent weekly close is the first time in six years that XRP has been able to maintain its position above the trendline barrier.
