Ripple-linked XRP now has a shot at going parabolic and hitting new all-time highs if a new bull signal repeats historical gains.
In a recent post on X, widely-followed crypto analyst Ali Martinez suggested that XRP’s price returns could hit a staggering 470% from current levels this cycle.
Analyst Eyes Ultra Bullish XRP SuperTrend Indicator
The price of XRP may be in line for a 470% upside in the foreseeable future. According to Ali Martinez, XRP is flashing the same bullish signal it displayed in late 2023 before sparking an explosive rally.
Martinez told his 110,700 followers on the X platform that XRP is preparing for its next leg higher based on its SuperTrend indicator. In technical analysis, the SuperTrend indicator determines possible entry and exit points depending on the asset’s overall trend.
“The last time the SuperTrend indicator flipped bullish on the 12-hour chart, XRP went up 470%… It just flipped bullish again,” Martinez wrote.
***** Effect Further Buoys XRP Sentiment
Since Donald *****’s election win in early November, XRP has seen its price rocket by more than 300%, outperforming other major cryptocurrencies. This rally upsurge is largely attributed to the expectation of a more crypto-friendly regulatory environment under the ***** administration, which includes easier legal pathways for local crypto businesses — such as Ripple, the blockchain payments firm closely related to XRP.
The change in SEC leadership, particularly the imminent departure of crypto foe Gary Gensler, could lead to a more favorable regulatory landscape for XRP.
Ripple’s CEO Brad Garlinghouse stated last week that the forthcoming administration ends years of regulatory limbo and unleashes new domestic opportunities that were previously unavailable under the current Joe ***** government.
Ripple has reported striking more U.S. deals in the last six weeks of 2024 than in the previous six months, highlighting a direct “***** effect” on local businesses.
In an interview earlier this week, Ripple President Monica Long suggested that XRP could be next in line for its own spot XRP exchange-traded funds (ETFs) in the United States amid the expectations of a transition towards more favorable crypto rules under the incoming ***** administration. Several asset managers, including Bitwise, Canary Capital, WisdomTree, and 21Shares, have already taken steps to launch an XRP ETF.
The third-largest cryptocurrency by market cap is trading for $3.27 as of press time, CoinGecko data shows. Over the last day, XRP has surged by roughly 2.7% amid a broader crypto market downturn.