Analyst Mega Bullish On XRP, Foresees Potential ETF And Price Range Between $16-$20

Name	Symbol	Market	Market Cap ($)	Algorithm
Optimism	OPUSD	Crypto	1,459,856,558	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Optimism

OPUSD

Crypto

1,459,856,558

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.010	-0.92%	1.08	1.08	1.08

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.010

-0.92%

1.08

High Price	Low Price	Open Price	Prev. Close	52 Week Range
1.09	1.07	1.09	1.09	- - -

High Price

Low Price

Open Price

Prev. Close

52 Week Range

1.09

1.07

1.09

- - -

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	01:52:35	503.77	1.08	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

01:52:35

503.77

1.08

USD

Price x Volume	Volume	Base Symbol	Related Pairs
238,385.52	219,603.98	OP	OPEUR	OPGBP	OPBTC

Price x Volume

Volume

Base Symbol

Related Pairs

238,385.52

219,603.98

OPEUR

OPGBP

OPBTC

Analyst Mega Bullish On XRP, Foresees Potential ETF And Price Range Between $16-$20

09/08/2024 4:00am

NEWSBTC

In a significant legal victory for Ripple Labs, Judge Analisa Torres recently ruled in favor of the company in its prolonged legal battle against the US Securities and Exchange Commission (SEC), ordering a payment of $125 million to the regulator. The ruling also clarified that XRP, the cryptocurrency at the center of the case, is not deemed a security, marking a pivotal moment for the token’s future outlook. Analyst Sees Bright Days Ahead Following this landmark decision, the sentiment surrounding XRP has turned increasingly bullish. Crypto analyst Doctor Profit, in a new analysis report published post-ruling, highlighted the long-term potential of XRP. Contrary to short-term trading strategies, Doctor Profit emphasized that XRP is designed for investors with a patient outlook, citing its historical price range of $0.42 to $0.72 over the past year. Acknowledging XRP’s past performance, Doctor Profit pointed out that in 2017, XRP surged by a remarkable 60,000%, showcasing its potential for explosive growth. Related Reading: CryptoQuant CEO Says Bitcoin Price Could Reach New ATH If It Holds This Level Despite facing setbacks such as a significant crash in 2020 due to the SEC lawsuit, XRP has consistently maintained a position in the top 10 cryptocurrency market cap rankings alongside Bitcoin for over a decade. Moreover, the analyst said the recent US court ruling confirming that XRP is not a security has provided much-needed regulatory clarity and optimism for the token’s future. Doctor Profit speculated on the possibility of a spot XRP Exchange-Traded Fund (ETF) in the works, aligning with past ETF approvals starting with Bitcoin, followed by Ethereum, and potentially XRP. Breakout Potential For XRP With the lawsuit pressure lifted, Doctor Profit expressed strong confidence in XRP’s bullish prospects, emphasizing the positive signals from both a regulatory and technical standpoint. The technical analysis highlighted a key resistance level at $0.72, with a potential breakout signaling a bullish scenario for XRP’s price trajectory. Currently trading at $0.6150, the token has gained 23% in the last 24 hours alone, outperforming most of the market. If the current uptrend holds, this key resistance level outlined by Doctor Profit could be breached, given the bullish catalyst and regulatory clarity the token has gained following the court ruling. Related Reading: More Pain Ahead: Analyst Warns Of Imminent Bitcoin Plunge Below $54,000 To Fill CME Gap If this and other higher levels are breached, Doctor Profit has outlined price targets for XRP, projecting a best-case scenario of $16 to $20 and a worst-case scenario of $4 to $7 within a one-year timeframe. Lastly, leveraging insights gained over four years of investing in XRP, Doctor Profit advised investors to focus on strategic buy zones and remain steadfast in their long-term commitment to the cryptocurrency. Featured image from DALL-E, chart from TradingView.com

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

OPUSD Optimism