XRP is often the butt of many jokes across the crypto space due to general distaste toward the altcoin and years of underperformance. But one of the biggest running jokes going is a call made for $589 per token, considered a mathematical impossibility.
However, could Ripple eventually reach other, more reasonable targets based on math commonly used to find turning points in financial assets?Will Ripple Ever See a Recovery To Former Highs Or Beyond?
An old crypto analyst prediction has haunted them since the day it was made. A call for $589 per token in XRP has turned into a long-standing meme.People love to hate the crypto asset known as Ripple. It was a hated coin during the crypto hype bubble due to accusations of centralization compared to Bitcoin and Ethereum.
But unstoppable hype surrounding the entire asset class propelled the altcoin to over $3.50 at its high, from less than a penny a year prior. The incredible growth prompted mainstream media coverage, and outlets like CNBC taught traders how to buy the top.
Related Reading | The Price Trend of XRP Stunningly Reflects That of Sheep Manure Stock
XRP crashed by over 90%, and each rally sold back down by Ripple executives only fueled further underperformance and distrust in the asset.
But all markets are cyclical, and XRP is showing multiple signs that a recovery is near after almost 900 days of a downtrend. All the pent up momentum in Ripple could result in a powerful breakout and surge.
In the past, the asset has grown thousands of a percent against USD and BTC, and chances are, it will happen again. But next time around, how high could Ripple go? According to various analyst’s take on mathematics, it could be anywhere from $5 to $26 per XRP token.XRP Fibonacci Extensions Set Next Peak Targets From $5 To $26
$589 per token in XRP is not possible, even if its market cap absorbed all the assets and wealth in the world. The math just doesn’t add up. However, other predictions are much more mathematically realistic. Fibonacci numbers and their ratios are often used in trading to plot potential areas of interest. Such areas include support and resistance, where reversals may occur, and targets where current resistance doesn’t yet exist. According to one crypto analyst, if the asset reached a Fibonacci extension of 1.618. NewsBTC in-house analysts offer a different take on the same Fibonacci extension, pictured below.
Ripple XRPUSD Fibonacci Extension Fractal | Source: Trading ViewIn this exclusive analysis, a is cast from the top of the 2018 peak to the recent bear market bottom. Extensions taken from there located at 1.618, 2.618, 3.618, and 4.326, would represent $5.60, $9.10, $12.50, and $14.60, respectively. Superimposing a breakout fractal of the last major Ripple explosion, tracks along to the highest of the Fibonacci extensions perfectly.
Related Reading | Ready For Liftoff: Two-Year Downtrend Breakout Could Lead to $14 XRP
Given how strong that impulse was, it is unlikely a repeat is quite as powerful, making the lower targets a lot more realistic. In terms of market cap, an important factor in why the $589 call has been laughed at, the lower targets are theoretically far more realistic. Any of them would be a new all-time high for the crypto asset, and make Ripple investors rich once again.