Altstein, a well-known trader celebrated for his ability to transform $100 into $100,000 swiftly, believes it is time to shed the negative perception surrounding XRP, forecasting potential gains of up to 600%. In a recent post, he highlighted the promising developments surrounding XRP, strengthening the case for a bullish outlook on the asset.
He pointed out that XRP has fully rebounded from a recent significant decline, demonstrating impressive growth and outperforming its competitors. XRP rose to $0.43 on Monday and subsequently surged to $0.64, representing a remarkable 48% increase in under a week.
**Time to End XRP Hate**
Additionally, Altstein noted the resolution of the long-standing Ripple lawsuit, which started in December 2020 and concluded this month with Ripple achieving a significant victory. The company managed to reduce the $2 billion penalty sought by the SEC by 94%. Altstein remarked that this victory reinforces XRP’s classification as a non-security, implying that the asset could potentially reach new heights.
Moreover, he indicated that XRP has broken through a robust resistance zone and escaped a smaller symmetrical triangle formation that has been in place since 2021. His accompanying chart illustrated his expectation of a 600% price increase, which would add nearly $3 to XRP’s current value.
XRP chart
Consequently, Altstein urged those skeptical of XRP to reevaluate their investment strategies regarding the cryptocurrency.
**XRP Army Tired of $0.5 Ranging**
In response to Altstein’s comments, X user Ebenezer Edward expressed his frustration, stating that while he does not harbor animosity towards XRP, he is disheartened by its prolonged stagnation around the $0.50 mark. Indeed, XRP has struggled to break free from this price level in recent months, having peaked at $0.744 in March before retreating and remaining below that threshold since.
Another commenter pointed out that XRP’s recent unexpected rebound and breakout from the symmetrical triangle formation are strong bullish indicators that could lead to further gains. Following Ripple’s legal victory announcement, XRP briefly spiked to $0.64 but has since lost momentum to push through higher resistance levels. As of now, XRP has dipped back below $0.60, trading at $0.584.
Despite the recent volatility, analysts remain optimistic about XRP’s future, citing numerous unexpected price surges as evidence that better days are ahead. Many believe significant rallies are on the horizon, especially if XRP can reverse its seven-year downtrend. Analysts like Javon Marks predict that in such a case, XRP could witness an astronomical increase of up to 42,000%.
**Disclaimer**: This article is intended for informational purposes only and should not be construed as financial advice. The opinions presented reflect the author’s views and do not necessarily represent those of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions, as The Crypto Basic does not assume responsibility for any financial losses incurred.