A crypto analyst has put together a bold prediction as to the future trajectory of the XRP price. Based on his prediction, the XRP community could see the crypto token's price enter three digits soon enough.
XRP Price To Rise To $352
In a video posted on YouTube, the crypto analyst behind the JWK Show channel concluded that XRP's price could potentially rise to as high as $352. He made this conclusion after using an XRP calculator. This calculator was invented based on a valuation model developed by Susan Athey, who happens to be on Ripple's board, and Robert Mitchnick, a former employee at the crypto firm.
The crypto analyst had input metrics like transaction volume, circulating supply, store of value, and how long it would take to process transactions into the XRP calculator before getting the price of $352.
Although there was no timeframe for when this price could be actualized, it is worth mentioning that the calculator was working with figures achieved based on a five-year outlook. The crypto analyst also alluded to an X (formerly Twitter) post before stating that the XRP community could see the crypto token "finally mooning" in 2024.
The price prediction of $352 seems like a far reach, considering that XRP still sits at around $0.6. That price level, however, seems more attainable when compared with more daring price predictions like the one of XRP hitting $10,000 in the future.
Analysts like Davinci Jeremie may, however, argue that anything is possible with XRP, considering that he recently suggested that the XRP price movement defies technical analysis.
XRP trending at $0.63 | Source: XRPUSD on Tradingview.com
XRP And Other Altcoins Entering Into Bull Phase
The analyst behind the JWKShow channel also shared his analysis of the altcoin market. He noted that there has been a breakout as altcoins have left the accumulation phase and are headed for the bull phase. He drew similarities between the current chart pattern and one in 2019, just before altcoins entered into the bull phase.
He specifically touched on the XRP price as he stated that it is a good time to invest in the crypto token. One of his reasons for saying this is because XRP is projected to break out of a two-year trendline soon enough, which could see its price rise significantly. He also alluded to the spike in XRP's transaction volume, which is also bullish for the crypto token.
Interestingly, the crypto analyst also happens to be among those who believe that the XRP price is suppressed. He said that the price of XRP will go parabolic "when the 1% are ready, which should be in 2024." It is, however, unclear who is the "1%" he is referring to.
At the time of writing, XRP is trading at around $0.62, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Watcher Guru, chart from Tradingview.com
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Source: NewsBTC.com
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