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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%.