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The latest surge in XRP price, surpassing the $0.66 mark, has spurred excitement among investors. Moreover, many analysts are hopeful for a sustained upward trend. However, this rally appears to have encountered a temporary setback with recent fluctuations in the crypto market. Despite this decline, one well-known market analyst is predicting a $3 target for XRP by Christmas.
Will XRP Price Skyrocket to $3?
In a recent post on X, crypto market influencer Myles G forecasted that XRP price could reach $3 by Christmas. This prediction has stirred enthusiasm among investors, particularly after XRP’s recent breakthrough of significant price thresholds.
In his social media update, Myles G stated, “XRP $3 by Christmas. Laugh now. Cry later,” igniting discussions within the crypto community. When questioned whether this level would represent the peak of the current cycle, he responded that it would merely mark the beginning of a bullish cycle.
XRP $3 by Christmas 👀
Laugh now
Cry later
— Myles G Investments (@MylesGinvest) September 29, 2024
This optimistic forecast aligns with the prevailing sentiment in the broader crypto market. According to historical trends, October has been a month associated with positive momentum, known as “Uptober.” Hence, analysts are anticipating similar trends this year.
Notably, Bitcoin (BTC) and other leading altcoins tend to experience upward price movements during the final quarter. This could further support XRP price’s bullish outlook.
Despite the recent price drop, where XRP saw a nearly 5% decline to around $0.62 after briefly reaching $0.6622, market participants are closely monitoring the situation. The muted trading volume during this period suggests that many investors are adopting a wait-and-see approach.
Reasons for Cautious Approach
Several factors are contributing to the cautious mood in the crypto market. It particularly concerns the uncertainty surrounding a potential appeal by the U.S. Securities and Exchange Commission (SEC) in its ongoing case against Ripple.
A former SEC lawyer recently highlighted the agency’s strategic advantage if it decides to pursue an appeal, which has led some investors to exercise caution. Nonetheless, many market experts maintain a bullish perspective.
Over the past month, the crypto sector has experienced an overall gain of approximately 10%. Moreover, analysts believe that XRP could soon reach the $1 mark amidst this bullish momentum. Also, given the current market dynamics and Myles G’s ambitious $3 price target for Christmas, investor sentiment remains elevated.