XRP Can Skyrocket After the Recent Dump, Says Wealth Advisor

In the middle of the volatile crypto market, Mickle a wealth advisor from America noted that XRP is forming a “moon shot” pattern. This may be an indication of high investment returns for investors.

The analysis comes despite the general downturn in the crypto market, influenced by Bitcoin’s recent volatility. XRP recently recorded a low of $0.5238, following a rebound to a four-month high of $0.65. The current market sees XRP trading below the $0.6 mark. However, advisors like Mickle forecast a rise, drawing parallels with historical patterns.

In the period between 2013 and 2017, XRP was in a symmetrical triangle where it remained in a state of neutral condition and after some time the price rose. Despite the negative sentiments, XRP recorded a surge which saw the asset hit a high of almost 70,000% from its previous lows.

Recent analysis suggests that the same pattern is emerging and the outlooks present rather promising, with possible huge winnings.

Historical Patterns and Future Possibilities

Mickle pointed out that the market behavior of XRP is similar to what the crypto went through in the past to hit its all-time high. This particular formation is known as the symmetrical triangle, which implies that another major breakout is possible for XRP.

Like the early days of high-profile stocks such as Apple, Mickle has reason to believe that XRP has potential gains of 100,000% or more.

However, this optimistic view is not without its critics. Skeptics have noted the size of the market capitalization of XRP to claim that the kind of growth is unrealistic. They give modest targets, indicating that XRP could go as high as $2 to $5 if it breaks out from the current pattern.

Challenges on the XRP Ledger

Nevertheless, there has been some trouble with the XRP Ledger that has affected the optimistic view of XRP’s price. Interestingly, the ledger has seen a decrease in transaction volumes by 65.6%, while transaction costs have risen by 170%.

These developments have therefore caused concern among the investors and users as to the sustainability of the ledger.

The decrease in activity and the rise in costs have been attributed to increased network traffic. While aimed at controlling spam transactions, the developments have presented efficiency problems.

Ripple, the company behind XRP, is aware of these concerns and is developing measures to restore the ledger’s performance.

Ripple Strategic Efforts and Growth Initiatives

As a result of the downturn, Ripple has provided several measures that are intended to improve the attractiveness and usability of the ledger. One of the key strategies is to turn the XRP Ledger into an asset-backed digital asset management network. This entails cooperation with such prospects like Archax which is anticipated to bring hundreds of millions of dollars in assets to the platform.

Also, Ripple is planning to release Ripple USD, a stablecoin backed by USD and government securities to provide stability and accommodate more users. The listing of US Treasury bill tokens by OpenEden on the XRP ledger is also expected to attract institutional investors and increase the credibility of the ledger.