XRP Primed for Long-Term Gains as Legal Clarity Emerges: BloFin Report
Doctor Profit, a prominent XRP investor, has shed some light on a comprehensive report published by BloFin on the long-term potential of XRP.
Prominent XRP investor Doctor Profit has shared his thoughts on a comprehensive report published by BloFin regarding the long-term potential of XRP. According to the analysis, XRP is designed for long-term investors rather than those seeking quick gains through day trading.
Back in the pre-SEC days, XRP saw an incredible surge, notching a 60,000% gain in 2017. Notably, the coin has managed to stay within the top 10 cryptocurrencies for a decade now. Despite a 75% drop in 2020 due to the SEC lawsuit, XRP’s resilience is evident. It failed to regain its 2017 peak of $3.20 and missed out on the 2021 bull run. However, with partnerships with over 300 financial institutions and potential involvement in CBDCs, XRP is positioned well for future growth.
The recent court ruling, which stated that XRP is not a security, marks a positive shift, providing much-needed regulatory clarity, according to the analysis. This change could open the doors for an XRP ETF and renew interest from large investors who were previously hesitant due to the legal uncertainties.
From a technical perspective, the analysis suggests that XRP is facing resistance at $0.72, and a breakout from this level could lead to a new bull run. If XRP mirrors the 2017 breakout, the analysis predicts it could reach between $16 and $20. Even in a worst-case scenario, the analysis anticipates a price range of $4 to $7 within a year.
The analysis concludes by advising viewers to buy XRP at key levels between $0.38 and $0.44, suggesting that dips in this range present buying opportunities. With positive developments and technical indicators, the analysis remains bullish on XRP, anticipating substantial future gains.
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