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Even though XRP is still well below its all-time high of $3.4 amid new regulatory uncertainty in the US, experienced crypto traders believe the Ripple-owned cryptocurrency still has a huge I believe that a parabolic rally is possible.
Renowned trader Maximus Prime said it is not a distant dream for XRP to soar to an unprecedented $35 price.
$35 XRP Is Possible: Traders
It all started with a post by Maximus Prime on the X (previously known as Twitter) social media platform in which a Ripple influencer promoted XRP and shared an overly ambitious price prediction for the token. It started when he suggested that he had “ruined” her life.
One user, who goes by the online alias Phoddler, found Maximus himself guilty of shilling XRP, citing his previous prediction that XRP would first hit $7 and then skyrocket to a high of $35. he pointed out.
However, Maximus noted his long-term bullishness on XRP, adding that his upbeat and optimistic goals depend on whether the seventh-largest cryptocurrency can successfully break out of its long-term downward trend.
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XRP price rebounded from $0.65 on September 29, but bulls have struggled to maintain high levels since then, suggesting a potential sell-off after each small recovery.
Fodler believes a $35 or even $7 goal is simply “ridiculous.” In his opinion, XRP is more likely to fall to 30 cents than enjoy an explosive rally to $7. Maximus, on the other hand, explains that his $35 forecast represents a “bigger move” for XRP and represents the most optimistic target, while his $7 forecast is more conservative. caused a backlash.
The trader stressed that these estimates are not ridiculous, but they are conditional on whether XRP breaks above a sustained resistance level and starts a major bull market.
Is a major XRP breakout coming?
At the time of writing, XRP is trading at $0.5241 on the chart, reflecting a 2% increase on the day. The cryptocurrency would need to increase in value by around 1,300% to reach the anticipated height of $7. On the other hand, reaching $35 would require an even bigger 6,600% growth.
At $7, XRP’s market cap has swelled to about $410 billion, which then translates to a whopping $2 trillion at $35. It is worth noting that if XRP reaches a valuation of $400 billion, it will easily overtake Ethereum in terms of market capitalization. Moreover, if the cryptocurrency promoted by Ripple reaches $2 trillion in market value, it will become much larger than Bitcoin (BTC), the world’s oldest and largest cryptocurrency.
Meanwhile, XRP is grappling with the latest appeal by the US Securities and Exchange Commission (SEC) in its long-running case against Ripple. The appeal further highlights the regulatory uncertainty surrounding XRP, particularly in the U.S. cryptocurrency industry. As such, XRP investors may take a more cautious stance towards the cryptocurrency as the final legal outcome remains unclear.
