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Altstein, a widely followed trader who prides himself on swiftly turning $100 to $100K, argues it is high time to abandon the hate around XRP, projecting up to 600% gains.
The seasoned trader expressed this sentiment in a recent post highlighting the current positive developments surrounding XRP, making a bull case for the asset now more likely.
Altstein first emphasized that XRP has fully recovered from its recent significant drop, posting strong gains and outperforming its rivals. Notably, it hit $0.43 on Monday and has since rallied to $0.64, marking a 48% growth in less than a week.
Time to End XRP Hate
Furthermore, the trader highlighted that the long-running Ripple lawsuit, which began in December 2020, concluded this month with Ripple emerging victorious. Ripple secured a 94% reduction from the $2 billion fine the SEC had requested.
Altstein noted that Ripple’s victory solidifies XRP’s status as not being a security, suggesting that the asset may now soar to unprecedented heights.
Moreover, the seasoned trader highlighted that XRP has broken above a solid zone and out of the smaller symmetrical triangle formation that began in 2021. The chart accompanying his update emphasized his anticipation of a 600% price rally, which would add nearly $3 to XRP’s value.
As a result, Altstein stressed that it is time for those who are skeptical about XRP to reconsider their investment strategy toward the coin.
XRP Army Tired of $0.5 Ranging
Reacting to Altstein’s sentiment, X user Ebenezer Edward remarked that he does not hate XRP but is frustrated by its prolonged stagnation around $0.50.
Indeed, XRP has not surged significantly beyond this threshold in recent months. After reaching $0.744 in March, it dropped back and has remained below that level since.
Meanwhile, another commenter noted that XRP’s recent unexpected bounce and breakout from the symmetrical triangle are strong bullish signals supporting further gains.
Notably, following the announcement of Ripple’s victory, XRP briefly spiked to $0.64 but has since lost momentum to break higher resistance. At press time, XRP has slipped back below $0.60, trading at $0.584.
Regardless of recent fluctuations, XRP analysts remain confident that better days are ahead, supported by repeated instances of unexpected price surges. They believe more significant pumps are on the horizon, especially if XRP ultimately reverses its 7-year downtrend. Analysts like Javon Marks predict that in such a scenario, XRP could experience a surge of up to 42,000%.