Despite an earlier trend of traders selling most altcoins last week, potentially in anticipation of the bankrupt exchange FTX obtaining approval from the bankruptcy court to liquidate its extensive multi-billion-dollar cryptocurrency assets, XRP continued to chart a course higher towards the week’s end.
At press time on Friday, the cryptocurrency, which finds itself at the centre of an ongoing legal dispute between the US Securities and Exchange Commission (SEC) and Ripple, was trading at $0.5095, up 6.45% in the past 7 days, after printing four consecutive bullish candles.
Meanwhile, while the crypto market remains uncertain and exhibits mixed reactions regarding future price trends, forecasts concerning XRP’s price trajectory have sparked fervent debates and discussions.
The most recent buzz in the crypto-sphere was ignited by none other than crypto influencer Zach Rector, who, on Thursday, September 14, shared his unconventional perspective on XRP’s future via Twitter.
“I don’t believe in $10,000 XRP because I believe we have a Currency Reset and Debt Restructuring before achieving such high prices,” Rector tweeted, adding that central banks “might have to reset everything before we even break $50.”
Rector’s tweet and question on how high XRP would go before we have a reset raised eyebrows and sparked a flurry of responses on Twitter. One user countered Rector’s perspective, stating, “$10,000 is possible, but that would be assuming that we maintain this disastrous inflation rate, XRP becomes the worldwide cross-border payment currency of choice with no competition, and Tokenization takes place with at least 10-20% of one of the top 10 markets worldwide utilizing XRP.”
In recent months, various pundits have been making bold predictions about XRP. Wells Fargo analyst Shannon Thorpe recently made waves by boldly predicting that Ripple’s XRP could skyrocket to as high as $500 in the next four to seven months. This prediction was grounded in several key factors, including the recent ruling that XRP is not a security and XRP’s potential to compete with established systems like SWIFT, which could drive its adoption and demand.
However, not everyone is on board with these lofty predictions. This week, popular crypto analyst “Crypto Eli” tweeted that “Decentralized crypto-assets like XRP cannot be ‘price set’.” According to her, prices result from global market supply and demand, influenced by factors such as trading, sentiment, adoption, news, and liquidity. Regrettably, she highlighted that many predictions, even those made by well-informed individuals, have escalated into what can only be described as baseless price hype, “reaching unprecedented levels.”
That said, amidst the contrasting viewpoints within the crypto community, one thing remains evident- XRP bulls, akin to Bitcoin, Ether, and other crypto assets, have steadfastly maintained price resilience. Recently, crypto analyst “Dark Defender” pinpointed critical support levels at $0.46 and $0.39 for XRP, identifying the latter as the ultimate support. If these levels hold, the pundit foresees potential targets of $1.88 and $5.85 in the short term.