- XRP shows potential for growth despite the SEC lawsuit, with projections targeting up to $6.50 in the next cycle.
- Bitcoin’s performance could push XRP to $2.31 if BTC hits $80K, or $2.88 with BTC at $100K in the next market run.
- XRP’s resilience through past regulatory challenges indicates it could thrive even in less favorable conditions.
Egrag Crypto has painted a positive picture of XRP’s possible price action even as the currency is caught in the crosshairs of the SEC lawsuit. The predictions are relatively modest. However, he points to the possibility of XRP reaching new levels of growth even in an unfavorable environment.
Two potential strategies were presented to establish the lower bound of the price of token for the next cycle. These approaches incorporated historical analysis and how Bitcoin affects the rest of the market, known as altcoins. The first approach was to look at XRP’s behaviour especially after the SEC lawsuit in December 2020.
XRP’s Resilient Bounce Back
At the time of writing this, XRP fell significantly but then rebounded and rose tenfold from the bottom. Historically, the asset has experienced a similar bounce back after a regulation-related fall, and could do so again after the expected SEC appeal, possibly to between $5 and $6. Further, if the trend persists, it might reach the Fibonacci 1.618 level, around $6.50.
The second approach sought to look at the general cryptocurrency market and its relation to Bitcoin, in particular. In the preceding market cycle, Bitcoin got to its previous highest point of $68,000 while coin also went to a high of $1.96. In the next cycle if Bitcoin reaches $80,000 then Ripple token may reach about $2.31. If Bitcoin strikes $100,000, XRP could cause our radar at $2.88. In order to provide such projections, we have used percentage increases from the previous cycle of Bitcoin.
Positive Outlook for XRP
Amid the market volatility and the unresolved legal problems, the information for Ripple coin investors is still favorable. The outlook is to state that no matter the situation, token still holds the potential for growth. This view is supposed to calm investors down and make them continue to think long-term while the market is volatile. As of now, Ripple coin is trading at $0.525, showing a rise of 1.33% over the past day.
Source: TradingView
These price forecasts are the minimum that XRP could achieve and assist investors in tweaking their investments based on them. Even though these are relatively conservative, show that coin could have good performance even when the market environment is not that supportive. Also, the returns can be better if the market conditions become more favorable and this only goes to support the fact that token is well positioned to weather through the usual volatility of the cryptocurrency market.
