XRP To Nearly $600? Analyst Makes Bold Claim, But Can It Overcome Legal Hurdles?

Christian Encila

1 year ago

3 mins read

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A new forecast has spurred conversation among XRP users. With a possible price objective that excites some investors while others are dubious, Analyst Cryptobilbuwoo is charting an ambitious course for the cryptocurrency.

Echoes Of 2017: Fibonacci Paints A Bullish Picture

Forecasts from Cryptobilbuwoo are inspired by past trends, especially the XRP surge of 2017. Using a standard technical analysis tool, Fibonacci retracing levels, they observe a perhaps similar situation developing for the altcoin.

Think of a road map to the top. Fibonacci levels serve as milestones, pointing possible areas of opposition or encouragement throughout a price increase. Based on the crucial Fib. 1.618 level, Cryptobilbuwoo advises XRP could surpass the $33 barrier.

This would be a significant step forward, but the real climb comes next – a projected ascent to $589, based on the Fib. 2.382 level.

A Lofty Target: Can XRP Reach The Top?

Still, there is a major obstacle to go past. The coin would need a startling price rise of almost 100,000% to reach $589. Many market analysts are questioning this high aim. Some might regard this as more wishful thinking than a reasonable market forecast.

XRPUSD is currently trading at $0.49. Chart: TradingView

Other observers in the crypto market hold a different opinion and say XRP might potentially reach zero. Even if this situation looks severe, it emphasises how erratic the bitcoin market is by nature.

Data from Coangecko indicates that XRP was trading at $0.5004 at the time of writing, down 1.4% and 4.2% in daily and weekly timesframes.

Meanwhile, in the XRP community, the $589 narrative used to be the main focus. The community’s excitement to see XRP at $589 is evident in the tweet below:

It seems that most of the XRP community would hate to wake up tomorrow to a $589 XRP, as this would mean they could no longer accumulate it. But then again $589 is still cheap and actually nothing compared to what is actually coming! pic.twitter.com/hvySrx0RpY

— Dr. Huber🔥🦅🔥 (@Leerzeit) May 7, 2024

Signs Of Optimism: Fueling The Ascent?

Though there is doubt about the $589 target, XRP shows encouraging developments. Resiliently hovering above the psychologically significant $0.50 mark, the coin has shown consistency.

Investors shifting XRP off exchanges has also become a trend. This would point to a more long-term optimistic view and might lower selling pressure.

Technically, Cryptobilbuwoo finds support for their XRP historical price chart projection. They highlight on the XRP/BTC chart a declining triangle pattern, a configuration that anticipated XRP’s 2017 breakthrough. Might this be evidence of history repeating itself?

The Verdict: A Measured Climb Or A Fall From Grace?

Featured image from Reddit, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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