The future of XRP price has been a hot topic of debate among cryptocurrency analysts for some time. Most of these analyzes focus on possible price movements and possible price targets as a bull market develops. Similarly, cryptocurrency analyst His CryptoBull presented his own bullish case for altcoins and indicated the most realistic price target.
Long-term price channel shows realistic prices
An article posted on X (formerly Twitter) by analyst CryptoBull shows the historical price movements of altcoins dating back to 2014. Analysts take advantage of this and use the XRP price channel to infer the expected trajectory of his XRP price in the coming months. .
Using this data, the most realistic price for the altcoin is currently somewhere between $13 and $39, according to CryptoBull. “The long-term price channel points to the most realistic #XRP price between $13 and $39 in the coming months!” Cryptobull said.
The long-term price channel shows the most realistic values #XRP Prices will go from $13 to $39 over the next few months. pic.twitter.com/iuePJitybs
— CryptoBull (@CryptoBull2020) February 29, 2024
The channel's lower limit of $13 was more realistic, but its upper limit of $39 has drawn criticism from the community. In response to CryptoBull's prediction, another X user, Ben McClymans, said it was “ridiculous.” This is because for the price of XRP to reach $39 per coin, its market capitalization would have to be greater than that of Ethereum, which is currently the second largest cryptocurrency on the market.
However, other community members jumped to XRP's defense, reminding Ben that XRP's market cap has actually flipped Ethereum before. Considering this, they think it could eventually switch to Ethereum again.
XRP price performance troubles investors
XRP's price performance over the past few years has worried investors. While other altcoins were hitting all-time highs, XRP continued to struggle. However, this is understandable considering that the US Securities and Exchange Commission (SEC) sued Ripple in 2020, negatively impacting XRP's performance.
XRP prices plummeted upon the announcement and did not recover as expected. However, the lawsuit with the SEC appears to be coming to an end, and there is light at the end of the tunnel. The court appears to be leaning toward a settlement that would end the litigation once and for all.
To see what will happen to the price of XRP when the lawsuit is over, let's take a look at what happened when Ripple won a partial victory against the SEC in 2023. As a security, XRP soared more than 60% in one day after Judge Annalisa Torres declared that programmatic sales of XRP are not eligible.
This lawsuit is currently the biggest impediment to XRP's price performance, and the price is expected to skyrocket once the lawsuit is over. If that happens, CryptoBull's prediction could come true.
XRP trending at $0.58 | Source: XRPUSD on Tradingview.com
Featured image from Bitcoinist, chart from Tradingview.com
