XRP has been the focus of significant price forecasts historically, yet this particular prediction stands out. Despite being rejected at $1.70 a few weeks prior following a significant surge in mid-August, Ripple’s cross-border token has nonetheless increased by 40% from its multi-year lows recorded less than a month ago. This has led many analysts to adopt a highly bullish stance. While this sounds quite expected for market observers, Ali Martinez’s recent price target is what got the community going. Martinez has recently expressed a strong belief that Ripple’s native token has reached its lowest point in this cycle and is now poised for recovery. In a prior analysis, he observed that XRP’s breakout has been validated and specified a more conservative target of $1.70.
This one occurred after the asset attained that level on August 21-22, subsequent to its 70% increase in under 72 hours. However, it encountered a significant rejection at that level and subsequently declined to below $1.35 last week. Its capacity to sustain that level and the ensuing recovery to the current $1.40 instilled greater optimism among bulls, prompting Martinez to participate in the momentum. In a recent post, the analyst informed his 166,000 followers that XRP has been “forming a massive ascending triangle on the monthly chart.” If it breaks above and closes north of the key barrier at $3.66, then it would “confirm the breakout and activate a technical target near $60.”
Indeed, that amounts to $60 for each XRP. We are not attempting to deliver unfavourable information, but $60!? Even if it takes another decade, it would necessitate an approximate 4,200% increase from current levels. Moreover, its market capitalisation, even if XRP’s supply remains unchanged, which is unlikely, would be approximately $4 trillion (yes, with a T). This would result in a market capitalisation 2-3 times larger than that of Bitcoin, surpassing the valuations of major corporations such as Amazon and Microsoft. Similar highly optimistic (and somewhat ambitious) forecasts often emerge from other analysts, including EGRAG CRYPTO.
However, even his latest analysis was more restrained than that of Martinez. Basing his findings on XRP’s previous expansions, in which the asset exploded by up to 2,400%, the analyst outlined some major targets in his September 5 analysis. The highest of which is at $25 if XRP is to mimic the most significant rally from its 2017-2018 bull phase. The alternative, somewhat less optimistic, targets are established within the range of $11 to $15.8. Naturally, all of those appear somewhat implausible at this juncture, despite the fact that the market structure has undergone a considerable transformation in recent weeks.
