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Analyst Predicts 263.81% XRP Rally to $1.62 Amid ETF Speculation

source-logo  thecryptobasic.com 20 June 2024 08:59, UTC

Crypto analyst Captain Faibik predicts XRP could surge by 263.81% if it breaks the $0.64 resistance, potentially reaching $1.62, amid ETF speculations.

The cryptocurrency market is alive with speculation regarding the possible launch of an XRP exchange-traded fund (ETF). This optimism persists despite previous concerns that the SEC might reject all Ethereum fund proposals, highlighting the swift progress and increasing acknowledgment of crypto financial products.

Notably, Captain Faibik, a crypto analyst, has outlined these trends, suggesting that the approval of an XRP ETF could catalyze substantial upward movement in XRP’s price.

What if the $XRP #XRP ETF is Approved next? 😎 pic.twitter.com/TnbBpICWfK

— Captain Faibik (@CryptoFaibik) May 24, 2024

Historical Price Movements

According to Faibik’s analysis, XRP’s price history is marked by considerable volatility, characterized by major rallies and corrections that define its market performance. Starting from a low of roughly $0.1050 in early 2020, XRP’s value surged, peaking at about $1.9000 by the end of the first quarter of 2021.

However, the high was short-lived as market conditions shifted, leading to a correction. By July 2021, XRP had retraced to $0.52, shedding much of its earlier gains but still maintaining a higher low compared to its pre-rally levels.

This negative trend persisted briefly, pushing the XRP token to decline further by mid-2022, eventually stabilizing around the $0.2800 mark.

Since the 2021 price correction, XRP has entered a consolidation phase, forming a symmetrical triangle pattern on the weekly chart. This technical formation is characterized by a series of higher lows and relatively lower highs.

XRP to Surge by 263.81%

As of mid-2024, XRP is trading at around $0.52, showing signs of approaching the apex of the symmetrical triangle. According to Faibik’s chart, the resistance level is pegged around $0.64, a crucial threshold XRP needs to surpass to validate a breakout.

Should the breakout occur, the chart estimates a potential price target of $1.62, calculated by adding the triangle’s height to the breakout point. This target represents a substantial upside, indicating a possible 263.81% increase from the current levels.

Will an XRP ETF Launch Soon?

According to a report by The Crypto Basic, Ripple CEO Brad Garlinghouse is confident that an XRP ETF will eventually be launched despite the current regulatory uncertainties in the crypto industry. Garlinghouse also highlighted the potential for ETFs tracking other cryptocurrencies, such as Cardano and Solana.

In a separate report, The Crypto Basic highlighted Standard Chartered analyst Geoffrey Kendrick’s prediction that an XRP ETF might debut by 2025. He believes the approval of Ethereum ETFs suggests ETH and similar altcoins, including XRP, won’t be classified as securities.

Additionally, The Crypto Basic reported that the alteration in regulatory perception became evident when the SEC greenlit eight Ethereum ETF applications. As stipulated earlier, the agency authorized 194-b filings for Ethereum ETFs, though decisions on the S-1 filings are still awaited.