The native token of the XRP Ledger has, according to a popular cryptocurrency analyst, broken out of a key technical pattern and could soon see its price surge by around 42% to the $4.4 mark.
The price of XRP has broken out of a bullish flag, according to cryptocurrency analyst Ali Martinez, who pointed out that its new price target given the recent breakout is at the $4.4 mark, representing a more than 40% potential upside for the cryptocurrency, which at the time of writing is changing hands around $3.1.
As CryptoGlobe reported earlier this week, XRP’s market capitalization briefly surpassed that of Wall Street giant Goldman Sachs, reaching a remarkable $193.5 billion. Several factors have contributed to this surge in XRP’s price performance.
A recent report from JPMorgan highlighted the potential for a spot exchange-traded fund (ETF) to attract billions of dollars in investor funds. Additionally, expectations of a more favorable regulatory environment under President-elect Donald Trump’s administration have significantly boosted XRP’s value.
Anticipated policy changes, such as the establishment of a strategic Bitcoin reserve and the appointment of Paul Atkins as the head of the Securities and Exchange Commission (SEC), have instilled investor confidence. Atkins’ reputation as a crypto-friendly figure to lead the regulatory agency, which has been involved in a legal battle with Ripple, a prominent player in the XRP ecosystem, has further contributed to this positive sentiment.
Trump’s pro-crypto stance has led many to speculate that XRP could soon launch a spot exchange-traded fund (ETF) that provides exposure to the cryptocurrency. Several companies, including Bitwise, Canary Capital, WisdomTree, and 21Shares, have already filed for spot XRP ETFs. Ripple’s CEO, Brad Garlinghouse, has expressed the belief that such a fund is “inevitable.”
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