Ripple’s native token XRP is hovering over the $0.36 mark on Wednesday after falling nearly 60% since January 2022. XRP has shed most of its gains last year due to the harsh and never-ending streak of the bear markets. The crypto barely rallied in the indices but steadily moved backward in the last 12 months causing losses to investors.
XRP reached an all time high of $3.40 in January 2018 and has been retracing in price since then. It’s been more than five years since the crypto failed to breach its ATH and is testing investors’ patience.
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XRP To Reach $80 In The Next Bull Run?
Pseudonymous crypto analyst ‘Egrag Crypto‘ is confident that XRP could skyrocket to $60 in the next bull run. The analyst claims that when Ripple’s native token touches $60, its next leg could be $80, making a new all time high in the indices.
Explaining the bullish prediction, Egrag stated that if the market follows the same rhythm as it did previously, XRP could reach $80 in the next bull run.
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The analyst claims that XRP could reach $80 by May 2024 delivering stellar returns to investors. “XRP Candle 21 & 80$ Target (UPDATE). If my thesis or candle count is rhyming with current price action of XRP & if historical price action will rhyme again then XRP target is as follows: $0.60, $0.22, $1.2, $3.0, $13, $60, $80”.
Can It Reach $80? Here’s Our Take
For XRP to reach $80, it needs to spike 22,902% in the next bull run from its current price of $0.36. While this is certainly not impossible in the crypto markets, the Ripple Vs SEC lawsuit could stunt its growth. Also, the World Bank published a report on Tuesday suggesting that a recession will most likely hit the markets in 2023.
If the global economy faces a recession, the impact could be severe and last for another two or three years. The damage cannot be undone quickly and leading stocks and cryptos could tank new lows. XRP spiking 22,902% and reaching $80 could be a herculean task during and after the recession.
In conclusion, XRP reaching $80 could only be wishful thinking. It is advised to remain cautious during this period than going all-in on Ripple’s native token.
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At press time, XRP was trading at $0.36 and is up 4.5% in the 24 hours day trade. It is down 89.6% from its all time high of $3.40 which it reached in January 2018.