The recent performance of the XRP price has been underwhelming, with a decline of 3.6% to around $0.62 today. Nevertheless, this week could mark a turning point for the cryptocurrency.
The long-running legal battle between Ripple and the US Securities and Exchange Commission (SEC) may be nearing its climax, as the SEC recently demanded an official fine against Ripple.
Although the requested $2 billion fine can be considered setbacks, a leading crypto analyst predicts a huge price increase in the XRP price in the short term, with projections of up to $6.
XRP price can rise by 860%
The crypto analyst known as Mikybull expects the popular altcoin XRP to increase significantly in value in the coming months. He shared this prediction on the social media platform X, based on a technical analysis.
According to Mikybull, the price of XRP shows a ‘bullish flag’ pattern, a pattern that historically often points to an explosive price increase.
Currently, the altcoin needs to break a resistance level at $0.62 to continue the bullish trend. If this level is broken, the price of XRP could rise significantly, with an expected price range between $1 and possibly even $6. This would mean an increase in value of approximately 60% to as much as 860%.
A price of $6 would also mean the altcoin surpasses its previous all-time high of $3.40. Such explosive growth is something XRP investors are hoping for, especially after the disappointing performance of recent months. The crypto analyst believes that a price of $6 is feasible within this year.
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