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Analyst Says XRP Price Will Rally 10,400% To $60, Here’s When

Published

3 months ago

August 14, 2024

A crypto analyst has shared an optimistic outlook for the XRP price, the native token of the XRP Ledger (XRPL), predicting a potential rally of up to 10,400% with a price target of $60. The analyst has also outlined when to expect this anticipated price increase.

XRP Price Set To Hit $60 With Projected 10,400% Surge

In an X (formerly Twitter) post on August 12, crypto analyst, Brett Hill expressed bullish optimism about XRP’s future price. The analyst suggests that XRP could be on the verge of a significant breakout, potentially propelling it to new all-time highs.

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He shared a chart tracking XRP’s price movements from March 2023 to 2025. Based on his analysis, the analyst predicts that XRP is poised to reach a price range of $50 to $60, representing a substantial 10,400% surge from its current value.

While outlining his bullish forecast for XRP, Hill pointed to XRP’s weekly Moving Average Convergence Divergence (MACD). The MACD is a trend-following momentum indicator that is used to identify entry and exit points for crypto traders.

The analyst disclosed that this unique indicator is currently signaling a strong bullish momentum for XRP, solidifying its potential price increase to new all time highs. He further highlighted a key support level at the $0.5403 mark.

Hill has forecasted that XRP would potentially surge between $50 to $60 if it stays above the aforementioned support level. With XRP currently trading at $0.57, well above the crucial support level, this could mean that the $50 to $60 price target may be achieveable in the coming weeks.

The analyst has also affirmed that as long as XRP holds this support level, it is well-positioned for “big gains.” Despite his rather ambitious and bullish prediction for the cryptocurrency, Hill warns that investors should watch out for a resistance level of $0.6836.

He disclosed that if XRP can break through this resistance level, it could potentially trigger a powerful upward momentum that could send its price even higher.

Analysts Stay Bullish On XRP After Legal Win

In a previous X post, Hill forecasted that the XRP Ledger is poised for an explosive growth following Ripple’s recent legal victory over the United States Securities and Exchange Commission (SEC).

On August 8, the United States (US) South District Court fined Ripple $125 million in civil penalties for violating securities laws by selling XRP to institutional investors. Ripple’s Chief Executive Officer (CEO), Brad Garlinghouse sees the settlement fee as a significant win, given that the SEC had previously requested a whopping $2 billion in settlement.