A closely followed crypto analyst is saying that XRP is showing potential for a massive breakout.
In a new video update, crypto strategist Jason Pizzino tells his 332,000 YouTube subscribers that XRP, the token used to operate Ripple Labs’ payments platform, could soar to as high as $3.
However, the analyst warns that XRP is facing a lot of upside resistance and that it needs to significantly outperform against Bitcoin (XRP/BTC) to reach its historic higher levels.
“I think [XRP] still has the potential to go up. Having said that, it needs to triple against Bitcoin just to get back to its price of five years ago. So you can see August 2019. We’re currently August 2024. And from the current price roughly tripling, so 200%, a tripling there, to get back to those previous prices. So it can go up.
Maybe it goes from $0.60 cents, it triples to $1.80. Maybe it goes even further, because Bitcoin is going up at the same time, and it goes to $3 to the previous old, all-time high. Maybe. It’s a very, very big maybe. You’ve got a lot of overhead resistance here. And then you start to look further back, even more overhead resistance and more overhead resistance, and this becomes almost insignificant of where it currently is.”
XRP/BTC is trading for 0.00000974 BTC ($0.59) at time of writing, down 1.22% in the last 24 hours.