IMPORTANT POINTS:
- Market watchers conducted a technical analysis that suggests that XRP could spike significantly.
- If the analysis is based on previous trends, XRP would rise to USD 6 in August and USD 10 for September.
- In any case, analysts who are guided by fundamentals clarify that it is practically impossible for an asset to rise so sharply without resounding news and demand.
Crypto market observers analyzed XRP charts and determined that the altcoin could hit $10 by 2023.
This analysis is not based on underlying fundamentals but on charts. Guided by past trends, observers indicated that the XRP price could rise to USD 1.70 in the near term, USD 6 in August and USD 10 in September.
Experts often criticize technical analysis for its flaws and because it does not provide a complete picture when evaluating the asset.
In this case, analysts consider it virtually impossible for XRP to skyrocket to $10 in just two months considering Ripple’s crypto is currently trading at $0.68.
XRP and a disappointment
While the number of XRP whales has reached its highest point in three months after a court ruled that the altcoin is not a security, the price did not rise as much as analysts had hoped.
It is that the judge in the case also clarified that the sales to institutions represent the sale of securities, which in the case of Ripple means that these sales were illegal.
In the last week, XRP accumulates a loss of more than 8%. However, so far this year it has already achieved a profit of over 100%.