A YouTube video posted by Mickle discussed the potential price direction for Ripple’s XRP in the long term. The 11-minute video discussed if XRP price can reach $50, as some people in the community have been discussing the possibilities.
Mickle mentioned that the price of XRP can be very volatile, and it has experienced various big price pumps in the past. It can have a big spike within a short period.
The potential for these parabolic movements makes XRP an attractive option for those hoping to make a lot of money. However, the crypto analyst admitted that it can also be hard to know what XRP’s price is going to do at any time.
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Estimating XRP’s Potential Based on Historical Data
Comparing XRP’s past price performance with the current situation reveals that the price has made “extremely parabolic” moves in the past. If this same thing happens again, then we could see a spike to as high as $300.
However, Mickle thinks that $300 is a little on the high side, and he thinks $40 to $50 is a realistic price range.
Considering the XRP to Bitcoin ratio, the analyst is of the opinion that if Bitcoin gets to $150,000 to $160,000 and XRP makes a big move against BTC, then we could end up seeing Ripple’s price around $44.
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Factors That Can Affect the Price of XRP
Some factors, like the possibility of an SEC appeal, could affect how the XRP price might rise, and Mickle thinks this can also affect the price.
Mickle points out that the deadline for the SEC appeal is also coinciding with the time when a large symmetrical triangle pattern that has held the XRP price down could break out. Therefore, a positive happening around the case could send the price parabolic.
Nickel also says that for these price predictions to come true, XRP needs to be widely used and have real-world applications. He warns that unexpected events, like a hack on the XRP Ledger, could ruin these predictions.
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