XRP projected to soar to $352, predicts analyst.
The JWK Show YouTube channel’s analyst has made a series of predictions concerning the cryptocurrency market, with a particular focus on XRP. In a video released on December 26th, the analyst expressed their belief that altcoins like XRP are poised for a significant increase in value in the near future. They based this prediction on technical analysis, which indicates that the altcoin market is transitioning from an “accumulation phase” to a “bull phase.” The analyst drew parallels to a similar pattern that occurred in 2019, which was followed by substantial gains.
The analyst specifically highlighted XRP as an altcoin that could soon experience a breakout. They drew attention to a two-year trendline for XRP, which they believe is on the verge of being surpassed in a positive direction. Additionally, the analyst pointed out a recent 74% surge in trading volume for XRP.
Furthermore, the analyst made reference to the upcoming SpaceX DOGE-1 satellite launch, which will be paid for in Dogecoin (DOGE) and is scheduled to take place no earlier than mid-February 2024. The analyst speculated that this event could have a positive impact on the broader cryptocurrency market.
The analyst heavily relied on a valuation model for crypto assets that was published in 2018 by Robert Michnick, a former Ripple employee who now leads BlackRock’s digital assets division. By utilizing assumptions similar to those presented in Michnick’s examples, the analyst calculated that XRP could potentially reach a value of $352 based on future transaction volume, velocity, and store-of-value estimates. However, the analyst did not provide a specific timeline for when they expect this lofty price target to be achieved.
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