Investors are showing increasing interest in XRP. Even prominent analyst Scott Melker, who has long ignored the token, is now speaking positively about the currency. On Wednesday, Melker tweeted that the price of XRP is about to explode to nearly $2.
“I haven’t looked at this weekly chart in a while, but it’s in a really interesting spot. The fourth touch of descending resistance is here on the weekly chart. Rejection is likely to follow, but a breakout would send it significantly higher… It’s worth watching regardless of your sentiment on the token,” Melker wrote.
The analyst expects that a successful breakout could reach price targets at $0.75, $0.93, $1.34, and eventually $1.96.
Other analysts are also watching XRP closely.
Scott Melker isn’t the only analyst keeping an eye on XRP. For example, Christopher Jaszczynski, known in the crypto community as “MMCrypto” and a prominent Bitcoin advocate, recently admitted that while he’s not a fan of XRP, he’s following the cryptocurrency closely.
Cryptocurrency analyst Mikybullcrypto also expects a significant increase in XRP prices. He advised investors that it is not too late to enter. Like other experts, Mikybullcrypto predicts that XRP is about to break out of the bullish flag pattern that has formed over the past 6.5 years.
The analyst predicted that the price of XRP could rise to between $2.50 and $3.50 in the near term, with long-term targets likely to reach $25 or more. He stressed that “the chart looks incredibly ready to go higher.”
Reasons for Optimism Surrounding XRP
There are several reasons why analysts are very bullish on XRP. One important development is the recent collaboration between Ripple and tokenization platform OpenEden. Ripple is investing $10 million in OpenEden’s tokenized U.S. Treasury notes (T-bills), which will be launched on the XRP Ledger. The move will increase the usability of XRP by integrating real assets into the blockchain, potentially increasing its appeal to institutional investors.
Additionally, the potential for XRP Ledger to be used in central bank digital currencies (CBDCs) adds to the positive outlook. As governments and financial institutions explore XRP’s CBDC technology, transaction volume and adoption could grow significantly.
Another major reason is the lawsuit between Ripple and the US Securities and Exchange Commission (SEC), which is nearing its end. Ripple has won several legal victories in the past year. A favorable ruling or settlement in this case could be a major catalyst for the approval of an XRP ETF. Such approval would likely boost investor confidence and lead to significant increases in the price of XRP.
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