Crypto analyst Doctor Profit (@DrProfitCrypto) has published a XRP price prediction following Ripple’s partial victory over the US Securities and Exchange Commission (SEC) on Wednesday. The analysis, delivered to his substantial follower base of 311,000 on X, delves into the implications of the court’s decision and the technical outlook for XRP.
Implication For XRP
Doctor Profit began by revisiting XRP’s historical performance, emphasizing its resilience and significant milestones. He reminds his audience that XRP price surged an extraordinary 60,000% in 2017 and has maintained a top-ten position in crypto market capitalization rankings for a decade. This, he argues, underscores its stability and appeal in the volatile crypto market. Despite a 75% drop in its value following the SEC lawsuit in 2020, XRP has shown remarkable durability, he notes, maintaining its high-ranking market position amidst sweeping market pessimism and shifts towards other altcoins.
Related Reading
Yesterday’s legal victory is described by Doctor Profit as a “massive, bullish event” that provides much-needed regulatory clarity for XRP. He speculated on the positive ramifications of this outcome, suggesting it could lead to increased institutional adoption and potentially pave the way for an XRP exchange-traded fund (ETF).
“This is a massive, bullish event due to the newfound regulatory clarity and the flood of bullish rumors that will follow. Is it far-fetched, to suggest that the SEC and XRP might be working on an XRP ETF behind closed doors? This aligns perfectly with my ETF approval ranking prediction: first BTC, second ETH, and third XRP—not SOL,” Doctor Profit claims.
Related Reading
He also proposes that the newfound legal clarity could spur partnerships and integration of XRP into further financial platforms and systems. “Do you know that Ripple has partnerships with over 300 financial institutions worldwide? The ripple network was tested in the European Central Bank and is even mentioned in their report. Same goes for the Bank of America and many other banks world wide! XRP will play a key role in the CBDC implementation,” the analyst writes.
XRP Price Analysis
Focusing on technical analysis, Doctor Profit identified a crucial resistance line at $0.72, stemming from a pattern established back in 2017. This resistance has been tested multiple times over the years without a conclusive breakout. According to his analysis, the current chart formation is a mirror image of the pre-2017 surge setup, indicating a potential for a similar explosive price action if XRP can decisively break through this resistance level.
The analyst also provides detailed price targets underpinned by this technical setup and the optimistic market sentiment post-lawsuit resolution. In the best-case scenario, XRP could soar to between $16 and $20, predicated on a repeat of historical movements and broader market acceptance.
The analyst writes, “If we hit another rejection at $0.72, don’t panic. The breakout is inevitable, and I expect targets way above $1 latest by Q1 2025. When XRP pulls a 2017 move and hits the same Fibonacci levels we have seen in 2017, we’re looking at a potential top of $16!”
A more conservative estimate places XRP at $4 to $7, assuming more moderate market conditions and investor response. Moreover, Doctor Profit suggests key buying zones around $0.38 to $0.44. “Holding this diamond strong! I’ve been holding for four years and I’m loading up on dips. Key buy zones are $0.38 to $0.44—that’s where I’ve been buying the last few months. If the market dips into those zones again, I’m buying even more,” he concluded.
At press time, XRP traded at $0.6064.
Featured image created with DALL.E, chart from TradingView.com