Despite the fact that Ripple's conflict with the United States Securities and Exchange Commission (SEC) is drawing to a close, the price of #XRP continues to disappoint investors who had anticipated that it would have surpassed $1 by this time. However, this has not deterred investors and traders who are of the opinion that the alternative cryptocurrency is going to see significant growth in the future.
#Cryptocurrency Analyst Forecasts That XRP Will Arrive at $6
Mikybull, a pseudonymous cryptocurrency analyst, has been positive on the price of XRP for a considerable amount of time. They have taken to X (which was once known as Twitter) to once again restate their position that the alternative cryptocurrency is going to perform well. At the beginning of March, Mikybull presented an analysis that demonstrated that the price of XRP is poised to see a run of more than 800%.
It was pointed out by the cryptocurrency expert at the time that XRP had broken out of a symmetrical triangle, which is a positive sign for the price. Once again, a similar breakout occurred in 2017, which resulted in a rise of more than one thousand percent in the price, and Mikybull references were included in the study.
On the other hand, due to the fact that the price of Bitcoin dropped from $73,000 to $61,000, XRP ended up falling along with the rest of the cryptocurrency market. The cryptocurrency expert, however, is of the opinion that the alternative cryptocurrency is ready to make a significant move now that the market is beginning to recover.
Throughout the month of March, Mikybull has been quite vocal about this prognosis, particularly since the price has been retesting a number of different resistance marks. Following that, on Monday, March 25, the cryptocurrency analyst distributed yet another chart that demonstrated that the price of XRP has successfully finished its retest and is now prepared to head higher.
The goals for this move are between $1 and $6, with the higher end of this target being an 833% advance from its present price. Mikybull highlighted that the targets for this move lay between these two prices.
When will the price of XRP reach this particular target?
Despite the fact that Mikybull did not give a specific timeline in their research, the charts that they have supplied offer some insight into when they anticipate this move to take place for XRP. Similar to the situation that occurred in 2017, the cryptocurrency expert anticipates that the rally will occur in the same year as the breakout from the symmetrical triangle. This indicates that it is possible that the rally will take place this year.
It is possible that the breakout will take place around the middle of the year, which would indicate that it would take place after the Bitcoin halving has successfully been accomplished. It is not unexpected that this is the case considering that the halving of Bitcoin is considered to be the ultimate bull signal and altcoins surge as the price of Bitcoin begins to increase.
After a surge of 11.73% over the course of the previous week, the price of XRP is now displaying a great deal of strength. It is presently trading at $0.648 at the time of this writing, and it has a market size of $35.5 billion, which places it as the sixth-largest cryptocurrency in terms of market cap.
