Analyst predicts XRP to reach $352

2023-12-26 21:40:12

The analyst behind the JWK Show YouTube channel made several predictions about the cryptocurrency market, including XRP.

In a Dec. 26 video, the analyst said that he believes altcoins like XRP are primed for a “major pump” in the near future. He pointed to technical analysis showing the altcoin market leaving an “accumulation phase” and entering a “bull phase.” He compares this to a similar pattern in 2019, which preceded significant gains.

History is repeating itself. The same thing is happening.

JWK Show

In particular, JWK spotlights XRP as an altcoin that could soon break out. He highlights a two-year trendline for XRP that may soon be exceeded to the upside. The analyst also notes a recent 74% spike in trading volume for the asset.

Additionally, JWK references the upcoming SpaceX DOGE-1 satellite launch paid for in Dogecoin (DOGE), set for no earlier than mid-February 2024. He speculates this could also boost the broader cryptocurrency market.

The analyst leans heavily on a valuation model for crypto assets published in 2018 by Robert Michnick, who previously worked at Ripple and now leads BlackRock’s digital assets area. Using assumptions similar to Michnick’s examples, JWK’s calculations suggest XRP could reach $352 based on future transaction volume, velocity, and store-of-value estimates. However, the analyst does not provide a specific timeline for his lofty price target.

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.