Ripple’s native coin, XRP, is gaining renewed attention from prominent figures who had previously dismissed it.
Notably, Scott Melker, also known as the “The Wolf of All Streets,” recently broke his silence on XRP, forecasting significant potential for the coin. On Wednesday, Melker tweeted about XRP, suggesting that the price was about to explode to almost $2.
“XRP WEEKLY Have not looked at this chart in ages, but it is in a REALLY interesting spot here. 4th touch of descending resistance here on the weekly. Rejection likely, but a breakout has this flying… worth watching, regardless of your feelings towards the token.” Wrote Melker.
Notably, following a successful breakout, the pundit suggested $0.75, $0.93, $1.34, and ultimately $1.96 as potential price targets.
This renewed interest in XRP coincides with recent observations from other crypto analysts who had traditionally overlooked altcoins. For instance, Christopher Jaszczynski, known in the crypto community as “MMCrypto” and a prominent Bitcoin maximalist, recently admitted that although he is not a fan of XRP, he has been closely monitoring the cryptocurrency.
Elsewhere, adding to the bullish sentiment, analyst Mikybullcrypto also highlighted XRP’s potential. On August 1, the analyst encouraged investors to consider XRP, emphasizing that “it’s not too late to join the wagon.” Mikybullcrypto, just like other experts, anticipates that XRP is poised to break out from a bullish pennant pattern that has been forming over the past 6.5 years.
The analyst projected that XRP’s price could rise to between $2.50 and $3.50 in the short term, with long-term targets potentially reaching $25 or higher, emphasizing that “The chart is looking crazily primed to rip upward.”
That said, several factors are driving this renewed interest in XRP. One major development is the recent partnership between Ripple and tokenization platform OpenEden. Ripple is investing $10 million in OpenEden’s tokenized U.S. Treasury bills (T-bills), which will be launched on the XRP Ledger. This move will enhance XRP’s utility by integrating real-world assets into the blockchain, potentially increasing its appeal to institutional investors.
The XRP Ledger’s potential use in central bank digital currencies (CBDCs) also adds to the optimistic outlook. As governments and financial institutions explore using XRP’s technology for CBDCs, transaction volumes, and adoption could see substantial growth.
Moreover, the ongoing lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) is approaching a resolution, with Ripple having achieved several legal victories over the past year. A favorable ruling or settlement in this case could serve as a major catalyst for the approval of an XRP spot ETF. Such approval would likely boost investor confidence and drive significant gains in XRP’s price.
At press time, XRP was trading at $0.50, reflecting a 5% surge over the past 24 hours.
