2024-10-30 23:33 |
Despite XRP remaining far below its all-time high of $3.4 amid fresh regulatory uncertainty in the United States, a seasoned crypto trader believes a mega parabolic rally is still on the cards for the Ripple-affiliated crypto.
Prominent trader Maximus Prime said XRP skyrocketing to unprecedented prices of $35 isn’t a farfetched dream.
$35 XRP Is Feasible: TraderIt all started when Maximus Prime suggested in a post on the X (formerly known as Twitter) social media platform that Ripple influencers have “ruined” many lives by promoting XRP and sharing overly ambitious price predictions for the token.
One user going by the online alias Phoddler noted that Maximus himself is guilty of shilling XRP, citing his previous projection of XRP hitting $7 first before rocketing to $35 highs.
However, Maximus pointed to his long-term bullishness on XRP, adding that his sunny, optimistic targets depend on the seventh-largest cryptocurrency successfully breaking past its prolonged downtrend.
XRP price bounced off $0.65 on Sept. 29, but the bulls have since struggled to hold on to higher levels, suggesting selling on every minor recovery.
Phoddler believes a target of $35, or even $7, is just “ridiculous”. In his opinion, XRP is more likely to slump to 30 cents than enjoy an explosive uptick to $7. This prompted a retort from Maximus explaining that his $35 forecast represents the “larger measured move” for XRP — meaning his most optimistic target — while $7 is a more conservative prediction.
The trader emphasized that these estimates are not ridiculous, although they are contingent on XRP breaking out above persistent resistance levels to kickstart a major bull rally.
Major XRP Breakout Incoming?At press time, XRP was trading hands at $0.5241 on the charts, reflecting a 2% gain on the day. For the crypto to attain the projected $7 heights, it must appreciate around 1,300%. On the other hand, it would need to achieve a much bigger $6,600% growth in order to hit $35.
At $7, XRP’s market capitalization would balloon to around $410 billion and, subsequently, translate to a whopping $2 trillion at $35. It’s worth noting that XRP would easily overtake Ethereum in terms of market cap if it attained a $400 billion valuation. Moreover, the Ripple-promoted crypto would be much bigger than the world’s oldest and largest crypto, Bitcoin (BTC), if it ever hit a $2 trillion market value.
Meanwhile, XRP is grappling with the latest appeal by the U.S. Securities and Exchange Commission (SEC) in its protracted case against Ripple. The appeal introduces further regulatory murkiness for XRP, particularly within the U.S. cryptocurrency industry. As such, XRP investors are likely to adopt a more cautious standpoint on the cryptocurrency as the final legal outcome remains unknown.
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