Following a major win for both blockchain company Ripple and the cryptocurrency industry as a whole in the case against the United States Securities and Exchange Commission (SEC), a crypto analyst has detailed possible aftermath for the token at its center – XRP.
Specifically, a pseudonymous cryptocurrency market analyst, known on crypto Twitter as Cryptoinsightuk, has listed five potential outcomes for the XRP token, although acknowledging that “we really don’t know what happens next for XRP,” in a tweet shared on July 20.
1) Mini bull run
As the first possibility, the crypto expert singled out a mini bull run, which could pull some altcoins up, “catching up to some Fibonacci extensions” that Bitcoin (BTC) and Ethereum (ETH) reached in their last cycle. For XRP, this would mean reaching towards $10-$15 before a large correction.
Picks for you
2) Small pump
Another option is for XRP to “have a small pump off the news and to then perform in line with the rest of the market, pumping into the bull market (of which I think is starting now anyway, so within a year),” with similar price projections as above.
3) Further pump
As a third-case option, the analyst believes XRP could follow the first scenario, “then retrace and have a further pump into the next business cycle top,” with the price potentially climbing to $10-$15, then dropping to $2-$4, and then increasing again, this time to $20-$30.
4) Complete moon mission
In case Ripple settles for a small fine, the expert said XRP could “hit a complete moon mission,” as this would allow institutions globally to utilize on-demand liquidity (ODL) and liquidity hub, with XRP becoming the most regulated or first crypto utilized by financial institutions around the world, which would enable price discovery, and require finding a fair way to value cryptos with utility.
5) Double tapping highs
Finally, Cryptoinsightuk said that XRP might not break its all-time high (ATH) in this cycle but “double tap the highs of 2017,” which would be the end of the run, similar to what happened to Stellar (XLM) in the last cycle, with the analyst not expecting more than $3.30-$3.60.
XRP price analysis
Meanwhile, XRP was at press time trading at the price of $0.78, indicating a decline of 3.79% in the last 24 hours, as well as recording a drop of 1.23% across the week but still hanging onto the significant gains of 56.46% on its monthly chart, as per data retrieved on July 21.
Whether XRP, indeed, manages to fulfill any of the expert’s scenarios listed above will depend on further developments surrounding Ripple, as well as the token itself, but also on the general atmosphere in the wider cryptocurrency and macroeconomic landscape.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
