Analysts are expressing extreme bullishness on the XRP price prospects, with some targeting $4 as the next significant milestone.
Summary
- Analysts are bullish on XRP, citing the recent SEC ruling that removed regulatory uncertainty and opened the door for institutional investment.
- With partnerships spanning over 300 financial institutions and potential involvement in upcoming central bank digital currency initiatives, XRP could see significant upside despite recent short-term volatility, with some forecasting a rise toward $4.
Analyst Poseidon posted that “XRP is heading to $4 sooner than we think” and encouraged followers to examine chart patterns that suggest upward momentum building.
Regulatory clarity fuels XRP’s long-term optimism
The bullish sentiment emerges as XRP (XRP) trades around $2.79, exhibiting mixed patterns following its break from key resistance levels.
One analyst, who goes by “Dominus,” provided a comprehensive bullish case for XRP, noting that the SEC lawsuit resolution has removed significant regulatory uncertainty.
The court ruling that XRP is not a security has cleared the path for institutional investment that was previously restricted due to legal concerns.
Domnius pointed out that XRP maintained its position in the top 10 cryptocurrencies by market cap throughout the SEC lawsuit period.
The analyst noted that XRP missed the 2021 bull market due to regulatory pressure and suggested that pent-up demand could drive significant price appreciation.
The regulatory clarity has opened possibilities for institutional products, with speculation about potential XRP ETF development.
Ripple’s partnerships with over 300 financial institutions worldwide provide fundamental support for long-term value.
The European Central Bank has tested the Ripple network and mentioned it in official reports, while Bank of America and other major banks have explored integration possibilities.
Analyst cites XRP’s previous bullish performance
Dominus noted that XRP experienced a 60,000% increase in 2017, demonstrating the cryptocurrency’s ability to appreciate significantly in price during favorable market conditions.
The analyst argued that current conditions present similar potential with improved regulatory clarity.
The timing coincides with the development of central bank digital currencies, particularly the European Central Bank’s plans to launch a CBDC by year-end.
XRP’s infrastructure positions it to play a key role in the implementation of CBDCs across multiple jurisdictions.
Amidst the overall mixed market performance, the XRP price has dropped over 7% in the last seven days.
