XRP To Nearly $600? Analyst Makes Bold Claim, But Can It Overcome Legal Hurdles?

XRP To Nearly $600? Analyst Makes Bold Claim, But Can It Overcome Legal Hurdles?

A fresh prediction has ignited discussion in the XRP community. Analyst Cryptobilbuwoo is charting an ambitious course for the cryptocurrency, with a potential price target that has some investors excited and others skeptical.

Echoes Of 2017: Fibonacci Paints A Bullish Picture

Cryptobilbuwoo’s forecast draws inspiration from historical patterns, particularly the XRP rally of 2017. By leveraging Fibonacci retracement levels, a common technical analysis tool, they see a potentially similar scenario unfolding for the altcoin.

Imagine a roadmap to the summit. Fibonacci levels act as checkpoints, highlighting potential resistance or support zones during a price rise. Cryptobilbuwoo suggests XRP could break through the $33 mark, aligning with the key Fib. 1.618 level.

This would be a significant step forward, but the real climb comes next – a projected ascent to $589, based on the Fib. 2.382 level.

A Lofty Target: Can XRP Reach The Top?

However, there’s a significant hurdle to overcome. To reach $589, the coin would require a staggering price increase of over 100,000%. This ambitious target has many market analysts raising eyebrows. It’s a leap that some consider more akin to wishful thinking than a realistic market prediction.

Other crypto market analysts present a contrasting view, suggesting XRP could even fall to zero. While this scenario seems extreme, it underscores the inherent volatility of the cryptocurrency market.

At the time of writing, XRP was trading at $0.5004, down 1.4% and 4.2% in the daily and weekly timeframes, data from Coingecko shows.

Meanwhile, in the XRP community, the $589 narrative used to be the main focus. The community’s excitement to see XRP at $589 is evident in the tweet below:

It seems that most of the XRP community would hate to wake up tomorrow to a $589 XRP, as this would mean they could no longer accumulate it. But then again $589 is still cheap and actually nothing compared to what is actually coming! pic.twitter.com/hvySrx0RpY

— Dr. Huber (@Leerzeit) May 7, 2024

Despite the skepticism surrounding the $589 target, there are positive signs for XRP. The coin has displayed resilience, consistently hovering above the psychologically important $0.50 level.

Additionally, a trend of investors moving XRP off exchanges has emerged. This could indicate a more long-term bullish outlook and potentially reduce selling pressure.

Technically, Cryptobilbuwoo finds support for their prediction in XRP’s historical price charts. They point to a descending triangle pattern on the XRP/BTC chart, a formation that preceded XRP’s breakout in 2017. Could this be a sign of history repeating itself?

The future for XRP likely lies somewhere between the extremes. The $589 target might be overly optimistic, but a measured upswing based on technical indicators and reduced selling pressure remains a possibility.

Featured image from Reddit, chart from TradingView