Analysts Believe That Prices of XRP Could Soar As High As 1500% & 3,900%

The past week has been bad for all crypto assets. Coins lost up to 50% of their value, which sent chills down investors’ spines. However, the market is slowly recovering and showing signs of a bullish trend, Which is why coins like XRP might see a massive price pump upto 1500%.  

Following the announcement of a trade war, a massive liquidation event came like a deluge. As a result, XRP lost 23% of its value in a few hours. On February 7th, the pricing hovered around $2.42. However, the current price is hovering at $2.37 with a slow but bullish trend. Moreover, multiple spot XRP ETF applications are suggesting that altcoins could reach the double-digit mark.  

XRP ETFs Gaining Traction 

Along with a slightly bullish trend, XRP enthusiasts could rejoice as the CBOE BZX exchange has finally applied for spot XRP ETFs. The recent filing by CBOE could change the crypto market as there were no proper exchanges for XRP in the US. This filing coincides with the trend of including crypto assets in regular investing.  

Therefore, this move could increase the overall demand for XRP., which can catapult the overall pricing of the token drastically. JP Morgan predicted this move could attract upto 8 billion USD worth of new assets in just the first 12 months. Which can drive the overall price beyond the $8 range. 

Expert’s Take 

As per Egrag Crypto, the overall XRP prices could easily reach a 1,500% price pump in just four weeks. As per the analyst, XRP price hovers above the Bull Market Support Band or BMSB. This suggests that the market is still bullish. Therefore, development in the sector can catalyze this bullish market and make it more receptive to the massive price pump. 

Another analyst named Marks Javon echoes Egrag and says a bull market is approaching. Mark says that the situation is hauntingly similar to what happened in 2017. In 2017, XRP prices plummeted even below its previous all-time high. However, the price started recovering and went higher. 

Javon stated, “XRP’s current second target is at $99, over 3,900% away, which is more than 40X from here, and based on past performance, the next wave can be massive towards, eventually leading to not only the meeting of it but also the breaking above.” 

However, some analysts believe that the bullish trend is moderate and not the kind predicted by Egrag and Javon. Analyst Mark Defender believes that the bullish trend will take the price as high as $5.85 in the short term and somewhere around $18.22 in the longer run. Therefore, this shows that the pricing speculation might differ, but analysts believe that XRP will experience a bullish trend in the near future. Follow us for more crypto news.