Crypto analyst Captain Faibik has made a bold prediction that XRP could experience a surge of 263.81% if it manages to break the resistance level at $0.64. This would potentially push its price to reach $1.62, fueled by the anticipation surrounding the possible launch of an XRP exchange-traded fund (ETF). Despite previous concerns about the rejection of Ethereum fund proposals by the SEC, there is growing optimism in the market regarding the acceptance of crypto financial products.
Captain Faibik has highlighted the historical price movements of XRP, which have been characterized by significant volatility. The cryptocurrency saw a remarkable rally from a low of approximately $0.1050 in early 2020 to a peak of around $1.9000 by the end of Q1 2021. However, market conditions led to a correction, and by July 2021, XRP had retraced to $0.52, although it still maintained a higher low compared to pre-rally levels. The negative trend continued, causing the token to decline further and stabilize around $0.2800 in mid-2022.
Currently, XRP is in a consolidation phase, forming a symmetrical triangle pattern on the weekly chart. This pattern is characterized by higher lows and lower highs. With XRP trading at around $0.52 in mid-2024, it is approaching the apex of the triangle. Captain Faibik’s analysis indicates that a breakout would occur if XRP surpasses the crucial threshold of $0.64. In that case, the chart suggests a potential price target of $1.62, which would represent a significant increase of 263.81% from the current levels.
There are also speculations about the launch of an XRP ETF. Ripple CEO Brad Garlinghouse remains confident that an XRP ETF will eventually be approved, despite regulatory uncertainties. He also mentioned the possibility of ETFs tracking other cryptocurrencies like Cardano and Solana. Standard Chartered analyst Geoffrey Kendrick predicts that an XRP ETF could debut by 2025, citing the approval of Ethereum ETFs as an indication that ETH and similar altcoins, including XRP, may not be classified as securities.
It is important to note that the views expressed in this article are for informational purposes only and should not be considered financial advice. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic does not take responsibility for any financial losses incurred.