Monday marked a new crisp market day for the cryptocurrency market as several altcoins experienced percentage gains. In this light, a respected cryptocurrency researcher who goes by the name Crypto Rand has made a major prediction on the price of the Ripple’s XRP token; the third most valuable token as recorded by CoinMarketCap. Crypto Rand claims that the Ripple token can reach a price of $300 before the end of this week.
Assertions Made by Ripple Loyalists
Crypto Rand, who is a technical analyst on markets and also a trader has predicted that Ripple’s price will hit $300 before the end of the week.
It has been noted that the cryptocurrency market has boomed quite a bit, recording gains just as others predicted a retracement of prices. The crypto market added $4 billion to its market cap quite speedily.
Ripple enthusiasts have prophesied that the price of Ripple will get to $589 before the end of the year, a price level that seems really absurd and unattainable. The Ripple token has not been able to break the $0.4 market price level for a prolonged period.
While it is very hard to believe Ripple will get to that price level, historical analysis of the price of Ripple show that the ‘prophets’ might be correct. This is the primary reason why Ripple enthusiasts have patiently been waiting for a significant rally this year for Ripple.
Historical Analysis of Ripple’s Price
If you have been in the crypto space for a long period now, you will recall that the token began a rally in 2018 when it reached $3.8, surpassing Ethereum as the second most valuable cryptocurrency, after gaining a market cap of $140 billion.
The price rally of Bitcoin in recent times have also affected altcoins. Ripple has been reported to have the potential to drive more gains for investors than even Bitcoin. Ripple has a spot price of $0.332414 with 3.61% increase against the US dollar, and a spot price of 0.00006386 BTC and 0.85% added value against BTC in the last 24 hours.
Ripple currently remains the third most valuable cryptocurrency with a $19 billion market cap. Since the start of the Asian trading session yesterday, Ripple has been consolidating between prices of $0.33264 and $0.32299. Ripple, however, rose to $0.34164 by the middle of the European trading session today. The price action continues to form a rising wedge and might experience a correction back to lower levels.
The assertion that Ripple will get to a price level of $300 seems absurd because of the relationship between its high supply and its market capitalization. To get to a price level of $300, Ripple needs at least a market capitalization of about $10 trillion which would cement the token as the undisputed number cryptocurrency by miles. What kind of news which can drive this kind of price rally beats the crypto space.