- Crypto analysts forecast XRP price to potentially soar to between $2.50 and $3.50 soon.
- Ripple’s $10M investment in tokenized U.S. Treasury bills boosts XRP’s institutional appeal.
- XRP Ledger’s potential use in CBDCs and legal victories drive renewed interest in XRP.
XRP, Ripple’s native coin, is capturing attention once again. Prominent figures who previously dismissed it are now forecasting significant potential for the cryptocurrency. Scott Melker, known as “The Wolf of All Streets,” recently broke his silence on XRP, suggesting XRP price could explode to nearly $2.
On Wednesday, Melker posted on X an interesting finding on XRP’s weekly chart, mentioning a potential breakout from descending resistance and identifying possible price targets of $0.75, $0.93, $1.34, and $1.96.
Source: TradingView
Analyst Mikybullcrypto, another vocal supporter of XRP’s potential, encouraged investors to consider XRP, emphasizing “it’s not too late to join the wagon.” He predicts that XRP is set to break out from a bullish pennant pattern formed over the past 6.5 years.
The analyst projected XRP’s price could rise to between $2.50 and $3.50 in the short term, with long-term targets potentially reaching $25 or higher. “The chart is looking crazily primed to rip upward,” he noted.
Several factors drive this renewed interest in XRP. One major development is Ripple’s partnership with the tokenization platform OpenEden. Ripple is investing $10 million in OpenEden’s tokenized U.S. Treasury bills (T-bills). These T-bills will launch on the XRP Ledger. This move enhances XRP’s utility by integrating real-world assets into the blockchain. It potentially increases its appeal to institutional investors.
The XRP Ledger’s potential use in central bank digital currencies (CBDCs) also contributes to the optimistic outlook. As governments and financial institutions explore using XRP’s technology for CBDCs, transaction volumes and adoption could grow substantially.
Additionally, the ongoing lawsuit between Ripple and the SEC is nearing a resolution. Ripple has achieved several legal victories over the past year. A favorable ruling or settlement could serve as a major catalyst for the approval of an XRP spot ETF. Such approval would likely boost investor confidence and drive significant gains in XRP’s price.
At press time, XRP was trading at $0.512, reflecting a 2.21% surge over the past 24 hours. Analysts believe this could be just the beginning of a significant upward trend for XRP.
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