$40 XRP? Analyst Reveals Key Insights Suggesting Major Uptrend Ahead
A crypto market analyst recently released a study that predicts a big rise in the price of XRP. This study fits with the current excitement in the crypto community, especially since Elon Musk made his first public reference to XRP.
In a video that went viral on Crypto Twitter, Musk talked about how valuable cryptocurrencies like XRP are. This caused a purchasing frenzy. Musk didnt fully back XRP, but his comments about how cryptocurrencies can help peoples freedom have made people wonder how this might affect the price of the altcoin.
Elon Musk Talks About XRP.pic.twitter.com/FFhvsF6PP7
TheCryptoBasic (@thecryptobasic) October 21, 2024
XRPs Role In Global Finance
It was brought up in the video that Musk was asked if he thought XRP could play a big role in the global financial system, given the SECs focus on regulating the cryptocurrency. His answer was simple, but it worked.
He said that coins like XRP challenge centralized control and support personal freedom, but that was not a call to action. Although it did not express outright support, such statements by Musk have given hope to crypto investors because of the influence he has on the market.
#XRP MOONSHOT TO $40.00 OVERNIGHT !!! pic.twitter.com/gGc5DBGDoF
STEPH IS CRYPTO (@Steph_iscrypto) October 9, 2024
Crypto analyst Stephs technological study fits this increasing buzz. Since 2018, he noted a symmetrical triangular pattern developing on the XRP/USD chart that points to a notable breakout perhaps just ahead.
Musks Social Media Impact
Currently at the top of this triangle, XRP reflects the 2017 situation that resulted in its spectacular surge and all-time high of $3.31. Investors are eagerly observing since Musks remarks seem to coincide with this pivotal technical turning point.
Regulatory hurdles have long been a factor in XRPs price suppression, Steph notes especially in view of Ripples ongoing legal battle with the SEC. Still, he believes the coin may be set to have a major breakthroughjust like it did in 2021 when it outperformed Bitcoin by 460%.
Even if Musk doesnt explicitly support the token, his mention of it can boost market sentiment because some speculators think the altcoin is currently more affordable than Bitcoin.
Upbeat About XRPs FutureEssentially, Steph is positive about the future of the altcoin but stresses that what is exciting is the developing relationships Ripple has with huge financial institutions. The implications for this are that when CBDCs are going to be more in demand, XRP will be even more important within the global financial system.
More than this, institutional interest in the asset is also depicted through recent registration for XRP-oriented ETFs from Canary Capital and Bitwise. These events with the words of Musk have revived hopes about XRPs long-term possibilities again.
Nevertheless, Steph cautions even with the good technical and fundamental signals. While he thinks XRP may probably hit $40, he said that a more realistic target range for it would be $5 to $10. Considering the highly volatile and uncertain market, he advised investors to use their judgment properly.
Steph underlined the need for strategic and cautious investment in view of the unpredictable character of cryptocurrency markets, even though a new all-time high could be on horizon by the end of 2024.
Featured image from Trackinsight, chart from TradingView
Read more: https://www.newsbtc.com/news/40-xrp-analyst-reveals-key-insights-suggesting-major-uptrend-ahead/
Text source: NewsBTC
