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Tony Edward, the host of the Thinking Crypto Podcast, has expressed his conviction in a $6 price for XRP amid its latest comeback.
Over the weekend, XRP emerged from the abyss, surprising the crypto community with an 18% price gain. Specifically, XRP’s price rose from a low of $0.4744 on Saturday to a new monthly high of $0.5636.
The surge emerged after XRP plummeted to a floor price of $0.3911 just two weeks ago. Since then, it has staged a remarkable 44.1% comeback. As of press time, the asset has stabilized at $0.5324.
Commenting on XRP’s weekend surge, Edward attributed the rally to the anniversary of Judge Torres’ ruling on July 13, 2023, which declared that XRP is not a security.
XRP Price Prediction Amid Impressive Comeback
He also referenced the analysis of “360 Trader”, a pseudonymous market watcher who believes that XRP is following a predictable cycle.
According to 360 Trader, the recapture of $0.57 is a significant blow to bearish sentiments, marking a turning point in the cycle. Moreover, the analyst observed that XRP reclaimed a year-long trendline following the pump and had formed a double-bottom “bear trap.”
This suggests it may have already reached its lows for this cycle, and the up-only trend may be commencing. Accordingly, the analyst proposed above $4 as XRP’s ideal target for this bull season.
🚨XRP $4+ PRICE PREDICTION! BITCOIN RECOVERY $61K, ETHEREUM ETF APPROVAL WEEK!
WATCH ▶️ https://t.co/rXr2vULH0F#bitcoin #ethereum #ethereumetf #xrp #ripple #altcoins #ai #trump #donaldtrump #thinkingcrypto #crypto #cryptonews pic.twitter.com/yLw1QvYNsT
— Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) July 15, 2024
XRP Could Reach $6
Notably, Edward tempered his enthusiasm by highlighting that XRP’s bullish momentum has already waned, but he remains optimistic that it is breaking upwards. He applied a Fibonacci model to XRP’s chart, using the last cycle’s highs of around $1.96. This resulted in a potential price target of $6.
However, Edward emphasized that $6 is not a guaranteed outcome but rather a probability. While Edward didn’t rule out the possibility of XRP reaching $10, he clarified that he only interprets what the charts indicate.
Furthermore, the pundit noted that while liquidity has recently flowed into meme coins, it is now expected to shift towards established players like XRP, Cardano, and others. He compared this to the previous cycle when NFTs initially attracted retail attention, setting the stage for top cryptocurrencies to surge.
However, Edward cautioned that this outcome is not guaranteed and emphasized the importance of diversification. He revealed that his portfolio includes XRP, Solana, Avalanche, Hedera, Cardano, and AI-focused tokens like Fetch and Render.
Edward underscored the need for objectivity and warned against becoming emotionally attached to any particular token or narrative.