Doctor Profit, a prominent XRP investor, has shed some light on a comprehensive report published by BloFin on the long-term potential of XRP. According to the analyst, XRP is designed for long-term investors rather than those seeking quick gains through day trading. The coin has shown significant resilience, maintaining a spot in the top 10 cryptocurrencies despite a harsh 75% drop in 2020 due to the SEC lawsuit.
With Legal Clarity, Will Xrp Go Back to Pre-SEC Days?
To back his stance, analysts went to the pre-SEC era, when XRP soared by 60,000% in 2017. Notably, it has remained in the top 10 cryptocurrencies for a decade despite a 75% drop in 2020 due to the SEC lawsuit. Although it hasn’t regained its 2017 peak of $3.20 and missed the 2021 bull run, XRP’s resilience is notable. Moreover, with over 300 financial institution partnerships and potential involvement in CBDCs, XRP is well-positioned for future growth.
The analyst is confident that the recent court ruling that XRP is not security marks a major positive shift, providing much-needed regulatory clarity. This change could open the doors for an XRP ETF and renew interest from big investors who were previously hesitant about legal uncertainties.
Technically XRP Price Is to Rise With a Year!
However, his technical analysis suggests that XRP is poised to touch new heights. The chart shows a resistance level at $0.72, with a breakout potentially leading to a new bull run. He predicts that XRP could reach between $16 and $20 if it mirrors the 2017 breakout. Even in a worst-case scenario, he anticipates a price range of $4 to $7 within a year.
The analyst concludes his analysis with strong advice to buy XRP between $0.38 and $0.44 at key levels, suggesting that dips in this range present buying opportunities. He remains bullish on XRP, emphasizing that positive developments and technical indicators indicate substantial future gains.
Will XRP Hit $3 or $4?
While all the indicators are green, XRP fans are optimistic after the recent court victory, which they believe could drive the token to surpass its previous all-time high of $3.84. Currently trading at $0.6314, XRP has surged 23.8% in the past 24 hours but remains about 81.4% below its 2018 peak.
Keeping the expectations real, one crypto analyst known as “360 Trader” has weighed in, suggesting that XRP’s price could soar this cycle with recent developments. They predict a realistic target range of $4 to $8, emphasizing that the recent legal clarity has removed previous restrictions and could drive significant gains for XRP.
The question now is whether this boost could pave the way for XRP to set new record highs soon. We have to wait and watch.
