thecryptobasic.com
While XRP continues to struggle in the crypto market, prominent market observers are unfazed by its unimpressive performance as they anticipate up to 1,000X growth.
At press time, XRP is back below the $0.6 range, with an overall negative trend in the last 24 hours. While XRP has advanced by 5% over the past week, its cumulative price action over the last 30 days shows a flat trend, at a 0.54% decrease.
Notably, XRP is 84% below its all-time high (ATH) and also lags behind most of the top-ranking crypto assets in yearly performance.
While XRP’s movement has been frustrating holders for an extended period, analyst Alex Cobb believes the asset has checked all the boxes to blast to an all-time high this cycle.
Specifically, Cobb asserted that market participants parting ways with XRP now are making a costly investment decision, which he described as “retarded.” Backing his sentiment, he highlighted several key factors that suggest a bullish outlook for XRP.
Why Selling XRP Now is “Retarded”
Cobb pointed out that XRP has broken above a long-standing resistance level on its monthly chart, an observation several other analysts also agree with. One has even argued that XRP could witness the biggest price rally ever based on the observed monthly pattern.
Furthermore, Cobb noted that the XRP/BTC pair has bounced from the historic low it reached in July. This implies that XRP is now showing signs of a strong rebound against Bitcoin from its bottom. This is confirmed by the consecutive week of green candle close.
Moreover, the analyst highlighted that the dominance of XRP in the crypto market has also bounced from a low point. Indeed, XRP.D is up 1.10% in the past week and 11.9% in the past month.
Also, he cited the trendline holding XRP’s price to ransom for nearly seven years as broken, suggesting XRP is free to soar.
Cobb’s optimism about XRP is also backed by anticipation around a possible XRP ETF. This prospect has fueled investors’ excitement as it could drive demand for XRP, helping its price increase.
Lastly, he cited the recent resolution of the SEC case against Ripple. XRP enthusiasts believe this lawsuit hindered XRP’s progress in the last bull run. But now that it is over, the asset could see an impressive uptrend.
XRP to Rally by 1,000X
Considering the weight of these factors, Cobb didn’t mince words when expressing his confidence in XRP’s potential, stating, “Selling XRP right now is retarded.”
While Cobb was silent about XRP’s potential target, analyst Mickle proposed that the much-expected XRP uptrend will drive the asset by 1,000X or 100,000%, potentially putting it at approximately $600.