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- An analyst has predicted that XRP could be breaking a crucial resistance level to hit $16 if it matches the 58X of Ethereum in the previous cycle.
- This incredible run could be triggered by the potential spot XRP ETF approval; meanwhile, a Bloomberg ETF analyst expects the approval to be delayed until the legal issues surrounding its securities status are solved.
XRP makes a daring move on its 24-hour chart, printing an incredible 11% gain to extend its 90-day gain to 358%. Our market data shows that the asset was trading at $2.4 at press time as it seeks to overturn its bearish trend to make a decisive move above its all-time-high price of $3.8. Commenting on this fascinating performance, a crypto analyst identified as DonAlt posted an XRP chart and captioned it “Good chart.”
Gud chart pic.twitter.com/eZReg5ERO4— DonAlt (@CryptoDonAlt) January 1, 2025
Besides the many factors that could propel the asset up the price curve, several analysts have remained optimistic for multiple months now, with EGRAG CRYPTO predicting a $16 peak price for XRP if it matches the 58x of Ethereum (ETH) in the previous cycle. If XRP matches the 21X of Bitcoin (BTC), the price could be around $5.88. Meanwhile, EGRAG CRYPTO expects XRP to make a 40X surge as a baseline.
It is important to note that the current XRP price trend was predicted by an analyst called Dark Defender on January 1. According to his post, the asset was on the verge of completing a correction pattern on the weekly chart.
We conducted a detailed analysis on Patreon and addressed a structure on 9-Dec-24, stating that XRP will follow a corrective pattern. XRP followed the same path we discussed. It might be risky to say that, but I expect XRP to break this triangle within a week! Fibonacci target levels are the same, and the first sits at $5.85 precisely.
XRP ETF Could be a Catalyst
Exploring some of the factors that could trigger the asset to these levels, we discovered that the potential spot XRP ETF approval could play a major role. Meanwhile, Bloomberg ETF analyst Eric Balchunas believes that the Litecoin (LTC) and Hedera (HBAR) ETFs could receive approval before XRP. According to him, the possibility of LTC ETF approval is primarily based on the fact that it was forked from Bitcoin. Additionally, HBAR has been excluded from the list of securities tokens in multiple lawsuits filed by the US Securities and Exchange Commission (SEC).
For XRP, its securities status is reported to be in contention as the Ripple vs. SEC lawsuit is still active. According to a ruling declared by Judge Analisa Torres in June 2023, XRP becomes security when sold to institutional investors. Meanwhile, another Bloomberg ETF analyst, James Seyffart, believes that XRP could likely be considered if the legal issues surrounding Ripple are solved. Per his observation, this could be possible when the new SEC administration commences operation this month.
Meanwhile, Ripple Chief Technology Officer (CTO) David Schwartz believes that the SEC has deliberately used the term “investment contracts” to spark confusion.
The SEC has been treating all reasonable reliance as if it were a contract. They are often opposites. If you can reasonably rely on me to do something because it is in my interests to do it, you don’t need a contract.
