cryptoglobe.com
A popular cryptocurrency analyst has recently stood by their bullish price prediction for the native token of the XRP Ledger, XRP, predicting the cryptocurrency’s price will explode to over $200 per token, an over 30,000% rise from its current level.
In a post on the microblogging platform X (formerly known as Twitter), popular analyst Javon Marks pointed to his bullish price prediction, at a time in which the price of XRP is struggling to remain above the $0.50 mark.
Per his words, XRP has seen a “full logarithmic follow through” which means XRP “may be more than poised for $200+.” He noted that XRP’s price surged over 100,000% during the 2017-2018 bull run, and suggested that a 33,000% run from its current level “can be more than possible and developing.”
With a Full Logarithmic Follow through, prices of $XRP (Ripple) may be more than poised for $200+.
— JAVON⚡️MARKS (@JavonTM1) April 5, 2024
Prices of Ripple went on an over +108,000% run in the 2017-2018 run and has since setup and broke out of its largest resisting structure EVER!
A mind-boggling, +33,030% run from… https://t.co/RWklG3ALh0 pic.twitter.com/r1Jie98X9s
The price of XRP is down by more than 20% over the last 30-day period amid a wider cryptocurrency market correction that came amid rising tensions in the Middle East after Iran attacked Israel with drones and missiles.
The cryptocurrency has been underperforming the wider cryptocurrency market, with XRP falling by 3.7% over the past year. In comparison, the flagship cryptocurrency Bitcoin is up more than 110% over the past year, and down around 8% over the last 30 days.
As reported the XRP Ledger has been progressing over time, with the total amount of XRP locked onto the XRP Ledger’s recently launched automated market maker (AMM) platform recently surging from around 330,000 XRP tokens to over 715,000 XRP, worth over $400,000, at a time in which the AMM platform is set to get key bug fix.
The rise in locked XRP also comes shortly after Ripple, a a leading provider of enterprise blockchain and crypto solutions, announced its plans to launch a stablecoin pegged 1:1 to the US dollar (USD). The stablecoin would be fully bakced by a reserve of US dollar deposits, short-term US government treasuries, and other cash equivalentes.
As CryptoGlobee reported, the firm expects the stablecoin market to exceed $2.8 trillion by 2028, and its own stablecoin will be launched both on the XRP Ledger and on Ethereum.
Featured image via Unsplash.