Fortune-telling or a rational price prediction? XRP Army in two camps after hearing out Dark Defender’s $36 dream.
Dark Defender, a popular voice in the XRP community, has doubled down on their long-term XRP price target. Met with some encouraging words as well as sarcasm, the $36.76 XRP price prediction wasn’t followed by any details, simply stating: “XRP targets $36.76. Better get used to hear this”. What makes this target plausible, if at all?
Sitting at $2.42 on Monday afternoon, Ripple’s native crypto price dipped by 4.20% in 24 hours, trashing the $2.50 support level. Now acting as resistance, this level must be regained before a further pullback to the $2 vertical accumulation support level occurs. This bearish scenario has been also covered in the latest XRP price analysis by multiple traders.
Triangle Breakout Fuels Double-Digit XRP Aspirations
In a bullish scenario, the 12-month accumulation above the prior all-time high (ATH) of $3.65 signals exponential growth for Ripple coin (XRP) as a long-term investment vehicle. Tying up with the clearance of regulatory hurdles, Chart Nerd suggests a perfect setup for a break above $4 in the next bull cycle, breaking out of a 7-year symmetrical triangle.
Counting on historical XRP chart patterns has not always played out, but the legally-favorable market dynamics could definitely add fuel to XRP’s $36.76 price dream in the longer run. For one, Ripple’s XRP coin is mulled as the bridge currency to capture a piece of SWIFT’s $155 trillion annualized volume market. XRP Ledger’s suitability as a bank intermediary remains a factor.
XRP Faded In ETF Market While Competition Levels Up
While being far-fetched in the near term, Dark Defender’s $36 XRP price forecast serves as a monument to technical structure & market-cycle based estimations. However, broader market uncertainty has applied extra pressure on XRP’s bulls with the fierce competition among alts.
With Solana (SOL) edging Ripple’s native crypto in the ETF field, it remains a question when any of the 11 XRP Spot price-tracking ETFs will launch for globally-regulated market trading. Last week, Hedera (HBAR) & Litecoin (LTC) also received gratification for their ETFs.
A few weeks back, Ripple’s native crypto took a bow to Binance Coin (BNB) for the third spot in the global crypto ranks, but managed to recoup this position. Encircling a $145 billion market cap, Ripple’s XRP has roughly $5 billion more than BNB, also twice as much as USDC.
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