There are strong indications that the price of XRP could reach $3, based on a reliable indicator and recent buying trends. The ongoing SEC case against Ripple is nearing its end, which could alleviate concerns surrounding XRP.
Despite facing turbulent market conditions, there is hope for Ripple’s cryptocurrency, XRP. An interesting hint suggests that its price could potentially surge to $3, a significant increase from its current value.
According to the latest data from CoinMarketCap, XRP experienced a slump of 4.4% over the past seven days, but it has slightly risen by 0.14% in the last 24 hours. Currently priced at $0.5044, with a market cap of approximately $27.92 billion, the fear and greed index, which measures market sentiment, has fallen into the fear zone at 38%. However, this situation could change in the coming weeks despite the challenges.
A well-known cryptocurrency analyst named Milkybull has drawn attention to a “rare” indicator that has accurately predicted XRP’s price changes in 2017, 2018, and 2021. This indicator previously forecasted XRP reaching $1.9, and it came close with a price of $1.79. It now predicts a conservatively bullish target for the current cycle, ranging from $2.4 to $3.
Market analysis by Santiment reveals that XRP’s MVRV ratio is still negative at -2%. However, there has been an increase in exchange outflow and a significant decrease in the token’s supply on markets, indicating strong buying pressure. Although the NVT ratio suggests overvaluation, the presence of ongoing whale activity adds complexity to the market dynamics.
As Ripple’s legal battle with the SEC approaches its conclusion, there may be a significant change in XRP’s future. Ripple’s Chief Legal Officer, Stuart Alderoty, has stated that the current legal proceedings are nearly finished. This development could remove a major obstacle that has been affecting XRP’s market performance.
Minor improvements in the money flow index (MFI) and relative strength index (RSI) on the daily chart hint at a potential reversal of the downtrend. However, for XRP to overcome this obstacle and reach $3, it will require more than just positive signs. Strong market reactions and favorable legal news will be essential factors.
In conclusion, XRP has the potential to reach $3 based on indicators and recent market trends. The nearing end of Ripple’s legal battle could bring about a positive change for XRP, but the token will need significant market support and favorable legal developments to overcome the challenges it currently faces.