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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Can XRP Rally 1,000X Despite The Drop Below $0.6?

Scott Matherson
Scott Matherson
1 year ago
4 mins read
XRP

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A crypto analyst predicts that the price of XRP, the native token of the XRP Ledger (XRPL) could witness a 1,000X rally soon. Despite the recent significant decline in the cryptocurrency’s price, the analyst remains confident in the future outlook of XRP.  

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XRP Gears Up For 1,000X Surge

A crypto analyst identified as ‘Mickle’ on X (formerly Twitter) has shared bullish insights on XRP’s future value, emphasizing the cryptocurrency’s potential to break out of bearish trends and witness a massive rally to new highs.

During his video post, Mickle revealed that XRP could witness a substantial bullish surge of 1,000X soon. This means that the crypto analyst expects XRP’s price to rise from its current value of $0.57 to $570 in this bullish cycle. 

The analyst has based his ambitious predictions on a positive regulatory change in the United States. According to Mickle, the US is set to witness a massive political shift that could favor the industry by providing clear regulations for cryptocurrencies to prosper. As a result, prominent cryptocurrencies including XRP are poised for a major breakout. 

Mickle disclosed that the cryptocurrency community has endured an extremely hostile environment in the US, marked by numerous leading regulatory agencies taking seemingly aggressive enforcement actions against the industry. Despite these challenges, the analyst indicated that the crypto space has shown remarkable resilience and tenacity, emerging stronger after winning multiple court cases and successfully pushing for pro crypto legislation. 

Despite the recent decline in the price of XRP, Mickle continues to remain bullish, doubling down on his predictions in his most recent posts. According to the analyst, XRP’s price movement is currently in the process of finishing a massive formation similar to a symmetrical triangle pattern seen between 2013 to 2017. 

Mickle highlighted that during XRP’s triangle formation from 2013 to 2017, the cryptocurrency faced multiple declines and bearish sentiments. However, despite the downtrend, XRP experienced an unexpected surge, reaching new  price levels.

Based on this analysis, the crypto analyst suggests that XRP is currently in a similar bearish trend but with a bullish outlook ahead. He believes that if XRP successfully completes this symmetrical triangle pattern, it could potentially witness an exponential breakout to the upside. 

XRP is currently trading at $0.56. Chart: TradingView

XRP Price Plummets Below $0.6 

Earlier this week, XRP’s price was trading above the $0.6 mark, displaying a strong tendency to break out of bearish trends and continue its upward momentum. However, in the last 24 hours, the cryptocurrency has dipped by a massive 10%,  presently trading at a price of $0.57. 

According to CoinMarketCap, XRP has also recorded a sharp decline of 4.2% over the past seven days. This unexpected price dip comes as the legal battle between Ripple and the United States Securities and Exchange Commission (SEC) nears conclusion. 

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Nevertheless, market intelligence platform, Santiment has revealed that when prominent cryptocurrencies like XRP, ETH, BTC, and others show low 7-day average trader returns, it suggests an increasing likelihood of a price rebound. 

Featured image from Seeking Alpha, chart from TradingView

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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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