A prominent cryptocurrency analyst has recently made a bold price prediction for the native token of the XRP Ledger, $XRP, suggesting it could rise to a staggering price point between $25 and $30 in the next cryptocurrency bull run.
The analyst, going by Captain Faibik on the microblogging platform X, punctuated his forecast with a word of caution to investors in this accumulation phase, and underscored the importance of measured patience during the current market phase, suggesting a steady, long-term accumulation strategy to investors who believe in XRP’s future.
Faibik added that decisions shouldn’t be driven by fear of missing out (FOMO) in a recent post where the analyst shared a historical chart of XRP, highlighting its intriguing price patterns over the years. He noted specific instances of the token’s price consolidating before experiencing significant surges since 2014.
The detailed chart analysis of XRP paints a bullish picture, projecting the digital asset could reach a striking $26.57 — a colossal increase of nearly 3700% from its current level of $0.7.
Some in the cryptocurrency community voiced skepticism about Faibik’s prediction, pointing out that such a surge would push the market cap well into the trillion-dollar territory. They suggested a more restrained outlook of $5 to $8 as a feasible price range, a target price that other analysts have also pointed to.
Notably, a number of bold price predictions for XRP have been made since the cryptocurrency was deemed to not necessarily be a security by a federal judge. Institutional investors have also moved in on the cryptocurrency, as XRP investment products saw major inflows this month.
According to CCData’s latest Digital Asset Management Review report products focusing on XRP saw a 33.2% rise in inflows, taking their assets under management to $65.7 million.
As CryptoGlobe reported, the number of XRP holders with at least one million tokens on the cryptocurrency’s ledger has now surpassed the 1,900 mark as an accumulation trend set off earlier this month was triggered by an uptick in investor sentiment.
Featured image via Pixabay.