XRP could rise 42% in the near term, has long-term potential to hit $470 - Analysts
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(Kitco News) - As traders move to position themselves in the digital assets that have the strongest chance of seeing mega rallies during this bull market cycle, a recent report from the Basel Committee on Banking Supervision (BCBS) shows that banks are also looking to gain exposure to the top tokens, and their investments aren’t limited to Bitcoin (BTC) and Ether (ETH).
According to the “Banks’ exposures to cryptoassets – a novel dataset” report by Renzo Corrias, Secretariat of the Basel Committee on Banking Supervision, 19 leading banks in North America, Europe, and other regions have collectively invested €9.4 billion ($10.27 billion) in various crypto assets, including XRP.
While Bitcoin and Ether-related products account for “almost 90% of reported exposures,” other “relatively significant reported cryptoassets include Polkadot (2% of reported exposures), Ripple XRP (2%), Cardano Ada (1%), Solana (1%), Litecoin (0.4%) and Stellar (0.4%),” the report said.
Banks have a similar exposure to both XRP and Polkadot (DOT), but XRP has been on a bullish track over the past couple of months after positive rulings in its case against the Securities and Exchange Commission (SEC), while DOT has struggled to gain momentum and Parity Technologies, the developer of Polkadot, has had to lay off a large number of its staff.
XRP has long been billed as the “bankers' coin” by many in the crypto industry, and this report from the BCBS lends credence to that view. The 2% of exposure held by banks translates to an investment of €188 million, or $205 million, positioning XRP as the third-largest altcoin in the banks’ reported commitments.
The latest digital asset fund flows report from CoinShares also showed institutional interest in XRP, with $500,000 flowing into XRP-related products last week, bringing the yearly total to $13 million.
The interest from banks and institutions, combined with the legal victories for Ripple, has created a bullish price setup on the XRP chart.
According to chartist EGRAG Crypto, XRP is primed to undergo a “mega pump” in the near term after its 20% decline from the Nov. 13 high of $0.747.
“Anticipate the forthcoming Mega Pump, yet exercise caution by strategically allocating portions of your holding,” EGRAG Crypto wrote while giving a price target of $0.83 - $0.85. From its current price of $0.598, that represents an increase of 42%.
XRP/USD 5-day chart. Source: X
EGRAG Crypto identified $0.50 as “Robust Support,” a “Firm Support Range” between $0.54 - $0.55, and the “Support Threshold” at $0.60.
Market analyst Dark Defender is even more bullish, saying XRP is “expected to hit $1.05 and $1.88 in the short term” after the appearance of a cup and handle formation on the XRP chart.
XRP/USD 1-day chart. Source: X
In the long term, the outlook for XRP looks exceptionally promising according to market analyst CryptoBull, who said that the projected prices for XRP, based on past breakouts, are $4.20, $7.20, and $470.
#XRP projected prices are $4.20, $7.20 and $470 based on past breakouts. $XRP had a major breakout at the end of every triangle and we are about to finish the fourth triangle. Do you believe? pic.twitter.com/14AEfXlPQ5— CryptoBull (@CryptoBull2020) November 21, 2023
Crypto trading platform Changelly used past trading data to provide a more conservative price for XRP in 2025. “Based on the technical analysis by cryptocurrency experts regarding the prices of XRP, in 2025, XRP is expected to have the following minimum and maximum prices: about $1.45 and $1.72, respectively,” they said. “The average expected trading cost is $1.50.”
Jumping ahead a decade, Changelly gave XRP an expected average trading price of $22.65 in the year 2032.
While many may doubt such high price targets, X user Good Morning Crypto spotted a new development that is decidedly bullish for XRP which they believe puts it in the same category as Bitcoin and Ether in the eyes of regulators.