Ripple’s XRP token has faced a sharp correction over the last few days. XRP is currently down by 1.9% in the daily charts, 8.6% in the weekly charts, and 19% since the previous month. However, since January 2023, the token’s price has surged by around 63%.
However, Ripple’s XRP is not the only cryptocurrency in the red. Most significant altcoins have faced a correction in a market-wide liquidation spree. Cardano (ADA) has dropped 18% in the weekly charts, while Avalanche (AVAX) and Polkadot (DOT) have fallen by over 14% in the same time frame. Chainlink (LINK) has dropped by over 10%, and Solana (SOL) by over 12% over the previous week.
Also Read: Ripple: Will XRP Reclaim its All-Time High of $3.40 in 2024?
However, despite the recent correction, analysts still predict a bullish outlook for XRP.
Ripple’s XRP to rally 1900% to $7
According to known crypto proponent Ben Armstrong, XRP could reach $7 in a bull market. If XRP reaches $7, it would translate to a growth of over 1900% from current levels. Moreover, Armstrong says that the figures may not be the peak for XRP, suggesting that the popular asset could go even higher than $7.
Also Read: Ripple: Expert Predicts 2350% Rally for XRP, Could Reach $14
According to Armstrong, XRP’s rise to $7 could be in tandem with Ripple’s upcoming initial public offering (IPO). The analyst anticipates significant excitement around the IPO, which could lead to a price surge.
Furthermore, Armstrong also believes that an Ethereum (ETH) ETF (Exchange Traded Fund) could further aid XRP’s price. According to the analyst, after a spot ETH ETF, market participants would look for the next big crypto for an ETF, which could be XRP.
Furthermore, if the crypto markets enter a bull run, we may see a new all-time high for Ripple’s XRP. Moreover, if the US high court rules favorably for Ripple in the ongoing lawsuit with the SEC (Securities and Exchange Commission), it may further push the asset’s price.