Crypto analyst Captain Faibik has made a bold prediction regarding the potential surge of XRP if it manages to break the $0.64 resistance level. Faibik believes that if this breakthrough occurs, XRP could reach a price of $1.62, marking a significant increase of 263.81%. This forecast comes amidst the speculation surrounding the launch of an XRP exchange-traded fund (ETF), which has generated optimism in the cryptocurrency market.
Despite previous concerns that the Securities and Exchange Commission (SEC) might reject all Ethereum fund proposals, the increasing acceptance and progress of crypto financial products have sustained this optimism. Captain Faibik, in particular, has highlighted the approval of an XRP ETF as a potential catalyst for a substantial upward movement in XRP’s price.
Analyzing XRP’s price history, Faibik notes its significant volatility, characterized by major rallies and corrections that have shaped its market performance. After starting at a low of approximately $0.1050 in early 2020, XRP’s value surged and peaked at around $1.9000 by the end of Q1 2021. However, market conditions led to a correction, causing XRP to retrace to $0.52 by July 2021. Despite the decline, XRP maintained a higher low compared to its pre-rally levels.
This negative trend continued briefly, pushing XRP’s value further down by mid-2022, eventually stabilizing around $0.2800. Since then, XRP has entered a consolidation phase, forming a symmetrical triangle pattern on the weekly chart, characterized by higher lows and relatively lower highs.
As of mid-2024, XRP is currently trading at around $0.52 and appears to be approaching the apex of the symmetrical triangle. Faibik’s analysis indicates that the resistance level is set at $0.64, a crucial threshold that XRP needs to surpass in order to confirm a breakout. If the breakout occurs, Faibik’s chart estimates a potential price target of $1.62, calculated by adding the triangle’s height to the breakout point. This target represents a significant upside, suggesting a possible increase of 263.81% from the current levels.
While there are regulatory uncertainties in the crypto industry, Ripple CEO Brad Garlinghouse remains confident that an XRP ETF will eventually be launched. Garlinghouse also believes that ETFs tracking other cryptocurrencies, such as Cardano and Solana, have potential. Standard Chartered analyst Geoffrey Kendrick predicts that an XRP ETF may debut by 2025, noting that the approval of Ethereum ETFs indicates that ETH and similar altcoins, including XRP, may not be classified as securities.
The recent approval of eight Ethereum ETF applications by the SEC further supports the shift in regulatory perception. However, decisions on S-1 filings are still pending. It is important to note that this content is informational and should not be considered financial advice. Readers are advised to conduct thorough research before making any investment decisions, as The Crypto Basic is not responsible for any financial losses.