Ripple’s XRP Could Hit $10 Once It Gets Regulatory Clarity, Says Crypto Analyst
Crypto Caesar, a prominent crypto analyst and well-known Bitcoin proponent, has surprised the market with his bullish stance on XRP. Caesar forecasted that XRP could hit $10 once it gets regulatory clarity.
The Technical Outlook
In a recent analysis, the analyst emphasized that XRP is gearing up for a significant price movement on the monthly time frame, with a bullish cross confirmed on the LMACD (Linear Moving Average Convergence Divergence) indicator.
The LMACD is used to identify potential trend reversals and generate buy or sell signals for an asset. It is derived from the traditional MACD indicator but incorporates linear moving averages instead of exponential moving averages.
The confirmation of a bullish cross on the LMACD for XRP suggests a positive outlook for the asset. This indicates that the shorter-term linear moving average has surpassed the longer-term linear moving average, indicating a potential upward trend.
Notably, a look at the charts shows that this phenomenon has occurred twice since 2016. Each time the market observed the pattern, a significant surge in XRP’s price ensued.
The bullish cross occurred in mid-2016 when XRP ranged between $0.005 and $0.007. Following the cross, XRP rallied to a high of $0.3987 in May 2017. The pattern was again observed in September 2020, resulting in a 716% run from $0.2418 to $1.9670 in April 2021.
The market has again witnessed the cross amid XRP’s current bearish situation. As a result, Crypto Caesar is forecasting an imminent price rally that could result in another explosive appreciation.
The Regulatory Catalyst
However, the critical catalyst that Crypto Caesar believes could drive XRP’s value to new heights is positive news regarding the ongoing lawsuit against Ripple. The outcome of the legal battle has the potential to provide much-needed regulatory clarity for XRP, which could lead to a substantial surge in its price.
Should XRP gain the desired regulatory clarity, Crypto Caesar boldly predicts a target of $10 for the asset in this market cycle.
Other key players have made similar disclosures. Although there exists a difference in the price targets, the consensus is that XRP would embark on a massive rally once it gets rid of its legal pressure.
The Fundamentals
In addition to the technical and regulatory factors, Crypto Caesar also believes that XRP’s fundamentals are strong. He points to the fact that XRP is the native token of Ripple, a leading blockchain company that provides cross-border payment solutions.
Ripple is already used by a number of financial institutions, and its network is growing rapidly. As more and more institutions adopt Ripple, the demand for XRP is likely to increase, which could drive the price higher.
The Risks
Of course, there are also some risks to consider. The ongoing lawsuit against Ripple is a major overhang on the asset, and there is no guarantee that the company will be successful.
Additionally, the cryptocurrency market is highly volatile, and XRP is no exception. The price of XRP could easily fall back to its current levels or even lower if the market turns bearish.
Conclusion
Overall, Crypto Caesar’s bullish forecast for XRP is certainly an interesting one. The asset has been on a downward trajectory for some time now, but if it can get the regulatory clarity it needs, it could be poised for a significant rally.
Only time will tell if Caesar’s prediction is correct, but it is certainly worth keeping an eye on XRP in the coming months.
Here are some additional thoughts on the potential for XRP to reach $10:
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