A crypto analyst has projected that XRP could eventually reach $60, although the forecast depends on it first clearing a much closer—and difficult—price barrier.
The projection arrived as former Ripple executive David Schwartz said XRP could one day overtake Bitcoin. But XRP did not look like it was going towards that prediction as of the time of this writing on Thursday 10 September, falling to around $1.35.
Why is an analyst projecting a $60 XRP price?
Analyst Ali Martinez believes XRP could reach $60 if it produces a monthly close above $3.66. His forecast is based on the idea that such a move would end a long period in which XRP has struggled to make lasting progress beyond its previous highs.
For this to happen, XRP would need to rise nearly 170% from its current price to even reach $3.66 and would jump almost 4,000% to take it from $1.35 to $60.
There have also been comments from Ripple’s chief technology officer, David Schwartz.
Schwartz was asked, in an X Spaces discussion, if XRP could take over BTC in total market value, and he said it was possible. He said that for that to happen, XRP would have to grow faster, not that Bitcoin would lose value.
It wouldn’t happen from Bitcoin shrinking. It would happen from XRP growing faster than Bitcoin.
Schwartz said that the speed and wider range of functions offered by XRP Ledger may lead to faster future growth. However, unlike the analyst, he did not give a target of $60 or when it might overtake Bitcoin.
XRP price faces a more immediate test
During the most recent trading session, XRP fell 3.24% to about $1.35, pushing XRP below $1.40, where buyers and sellers have been competing for control.
The price is currently sitting near $1.34 – $1.35, and if this fails, then $1.30 could be the next number buyers look to defend.
Any recovery would first need to take XRP back above $1.40. It could then face another challenge between $1.45 and $1.50, an area that has repeatedly stopped recent advances.
XRP is also trading with caution in the larger market ahead of fresh US inflation data, which could weigh on the expectations for interest rates and thereby affect the demand for cryptos.
Final Summary
- David Schwartz said XRP could eventually overtake Bitcoin.
- The $60 target is only possible if XRP manages to close above $3.66, but for now, the challenge is holding onto $1.35.
