Ripple’s XRP is on a slippery slope, as the leading altcoin struggles to hold above $3. Its price slides to the $2.80 level every time it reclaims the $3 range. However, several analysts have called the altcoin’s dip a buying opportunity before it breaks out in price.
Swing traders have made the most out of XRP’s dip from $3 to $2.80. They took an entry position at $2.80 with a price target of $3 and sold after it got there. It happened thrice in a month and could repeat this time around.
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XRP To $6.20, Says Cryptocurrency Analyst
Leading cryptocurrency analyst MikyBull shared a chart on TradingView signalling that XRP is flashing bullish patterns in the charts. He predicted that Ripple’s native token could experience a breakout soon, reaching new highs. According to the analyst, accumulating the token now at $2.80 could bring tremendous profits to investors.
“One of the most bullish patterns, the breakout will be wild,” shared another chart on X. The analyst predicts that XRP could break out in price and hit a new all-time high of $6.20. That would be an uptick and return on investment (ROI) of approximately 120% from its current price of $2.80.
Also Read: XRP Could Have Grown Your Investments By 5x From 2024 to Now
Therefore, an investment of $1,000 in XRP now could turn into $2,200 if the forecast turns out to be accurate. That’s stellar returns, as not every financial asset can double an investor’s money. The Ripple’s native token is among the most sought-after assets and could gain a significant inflow of funds if the SEC approves the ETFs in November.
Leading asset management firms have applied for an XRP ETF, and the SEC will decide in November. The sky is the limit for the altcoin if the approval goes through. Institutional funds could power the Ripple’s token to new highs as the trading activity would be high.
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