Investment Analyst Predicts XRP to Rise to $162 in ETF Speculation

In response to the ETF speculation, crypto analyst Captain Faibik predicted that if XRP breaks through the $0.64 resistance, it could grow by 263.81% to potentially reach $1.62.
Despite previous concerns that the U.S. Securities and Exchange Commission may reject all Ethereum fund proposals, there is still speculation in the cryptocurrency market about the possibility of launching an XRP exchange-traded fund (ETF). This optimism persists, highlighting the rapid progress and growing acceptance of crypto financial products.
Notably, crypto analyst Captain Faibik outlined these trends and suggested that the approval of an XRP ETF could trigger a significant rise in XRP prices.
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Historical price fluctuations
According to Faibik’s analysis, XRP’s price history is filled with considerable volatility that has characterized major rallies and corrections in its market performance. From a low of around $0.1050 at the beginning of 2020, XRP’s value rose rapidly, reaching a high of around $1.9000 by the end of the first quarter of 2021.
However, this high was short-lived as market conditions changed, leading to a correction. By July 2021, XRP had fallen back to $0.52, significantly reducing its previous gains but still maintaining a higher low than its pre-rally levels.
This negative trend briefly continued in mid-2022, eventually stabilizing around $0.2800.
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Since the 2021 price correction, XRP has entered a consolidation phase, forming a symmetrical triangle pattern on the weekly chart. This technical pattern is characterized by a series of higher lows and relatively lower highs.
XRP Could Grow 263.81%
As of mid-2024, XRP is trading at around $0.52, showing signs of approaching the apex of a symmetrical triangle. According to Faibik’s chart, the resistance level is around $0.64, which is the key threshold that XRP needs to cross to validate a breakout.
If a breakout occurs, the potential price target based on this chart’s estimates is $1.62, calculated by adding the height of the triangle to the breakout point. This target represents substantial upside and suggests a possible growth of 263.81% from current levels.
Could an XRP ETF be launched soon?
According to a report from The Crypto Basic, Ripple CEO Brad Garlinghouse believes that an XRP ETF will eventually launch despite the current regulatory uncertainty in the crypto industry. Garlinghouse also highlighted the potential for ETFs tracking other cryptocurrencies such as Cardano and Solana.
In a separate report, The Crypto Basic highlighted Standard Chartered analyst Geoffrey Kendrick’s prediction that an XRP ETF could debut by 2025. He believes that the approval of an Ethereum ETF shows that ETH and similar alternative coins (including XRP) will not be classified as securities.
Additionally, The Crypto Basic reported that the change in regulatory attitude became apparent when the U.S. Securities and Exchange Commission approved eight Ethereum ETF applications. As previously mentioned, the agency authorized the Ethereum ETF on Form 194-b, but a decision on the Form S-1 is still pending.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may reflect the author’s own opinions and do not necessarily reflect the opinions of The Crypto Basic. Readers are encouraged to perform thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.