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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.
$XRP – The Big Report:
— Doctor Profit 🇨🇭 (@DrProfitCrypto) August 7, 2024
Everyone who knows me understands that I'm a major investor in $XRP. This report is going to lay out the facts and show you exactly where we’re heading next.
$XRP is a masterpiece for the long term. If you’re thinking of making a quick buck with day trading… pic.twitter.com/w6ww9uSE6v
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.