The Ripple XRP token has recently experienced a notable downturn, with a 1.9% decrease in daily charts, an 8.6% decline in weekly charts, and a 19% drop over the past month. Nevertheless, since January 2023, the token has witnessed a remarkable 63% increase in its price. It’s important to note that Ripple’s XRP is not the sole cryptocurrency facing losses, as a broader market sell-off has affected numerous major altcoins.
Cardano (ADA) has seen an 18% decrease in weekly charts, while Avalanche (AVAX) and Polkadot (DOT) have both fallen by more than 14% during the same period. Chainlink (LINK) registered a drop exceeding 10%, and Solana (SOL) experienced a decline of over 12% in the previous week. Despite these recent corrections, analysts maintain an optimistic outlook for XRP.
Ripple’s XRP: Analyst Bullish on 1900% Surge, $7 Price Target
As per cryptocurrency advocate Ben Armstrong, there’s a potential for XRP to reach $7 during a bullish market. Achieving this mark would signify a remarkable growth exceeding 1900% from its current levels. Armstrong suggests that the $7 figure might not represent the peak for XRP, hinting at the possibility of the popular asset reaching even higher values.
He associates XRP’s potential ascent to $7 with the forthcoming initial public offering (IPO) from Ripple. Armstrong foresees substantial excitement surrounding the IPO, creating conditions for a surge in XRP’s price.
Additionally, he posits that the approval of an Ethereum (ETH) Exchange Traded Fund (ETF) could contribute positively to XRP’s valuation. Armstrong speculates that following a successful ETH ETF, investors may seek the next prominent cryptocurrency for an ETF, potentially being XRP. Furthermore, in the event of a bullish trend in the crypto markets, there’s a chance for Ripple’s XRP to establish a new all-time high. The outcome of Ripple’s legal battle with the SEC (Securities and Exchange Commission) in the US could also impact XRP’s price, with a favorable ruling potentially acting as a catalyst for further price appreciation.