In a recent analysis, cryptocurrency analyst Myles G Investments has forecasted an upturn in the price of Ripple’s XRP, positioning it as the standout coin of 2024. Myles asserts that XRP is on the brink of an extraordinary surge, supported by the confirmation of a six-year breakout from a prolonged downtrend.
Highlighting Ripple’s pivotal role in revolutionizing cross-border payments, Myles says that XRP serves as the token for Ripple, a company at the forefront of transforming the financial landscape. Ripple’s innovative solutions, including replacing traditional banking systems and facilitating central bank digital currencies (CBDCs), have garnered widespread adoption by banks and countries worldwide.
However, Myles notes that the current legal battle with the U.S. Securities and Exchange Commission (SEC) hinders Ripple and XRP from realizing their full potential. The analyst anticipates the lawsuit’s resolution this year and points out Ripple is gearing up for an Initial Public Offering (IPO). This move could attract billions and trillions of dollars to the company.
Myles projects a realistic price range of $3 to $7 for XRP in the coming months, contingent on Ripple’s triumph in the SEC lawsuit and successful IPO. As the chart depicts, the analyst draws attention to the current technical breakout, indicating a positive trend reversal. Drawing parallels to XRP’s historical breakout in 2017, Myles suggests a similar surge could result in substantial gains, citing a potential 13x increase from the current levels.
Despite the exponential gains witnessed in 2017, Myles acknowledges the subsequent regulatory challenges faced by XRP, preventing it from reaching an all-time high. Nevertheless, the analyst remains bullish on XRP, considering it one of the most promising assets in the crypto market. At the time of writing, XRP is trading at $0.60, down by more than 13 percent.
