It is a very volatile market, but this does not stop crypto analysts from making bold predictions. Prominent cryptocurrency analyst and YouTuber, CoinsKid, is one such expert who predicts that Ripple’s XRP will skyrocket to a remarkable $6 by the end of 2023. This implies an astonishing 720% return on investment from its current price of $0.74.
CoinsKid points to a rising triangle pattern in XRP’s price trajectory. Such a pattern usually indicates strong upward movement in the near future. He suggests we may be witnessing a three-wave outbreak. If this pattern plays out as he expects, the price of XRP could rise significantly.
XRP’s Path to $6: Wave Dynamics
Looking deeper into the analysts’ predictions, the third wave in this outbreak is expected to be the real game changer. This wave should have enough momentum to surpass XRP’s April 2021 high and could even challenge the all-time high.
With this projection in mind, a considerable amount of patience is required from investors given the inherent volatility of the crypto market.
The YouTuber emphasizes the crypto investment mantra: “Buy the blood and fear.” This statement emphasizes the need to acquire assets during market downturns when prices are low, rather than buying during an uptick.
He says recessions are an investor’s friend, while the impressive green candles often entice investors to buy at higher prices, only to take losses when the market corrects.
Future Price Trajectory: A similar past pattern
CoinsKid also draws parallels to XRP’s behavior in 2020. The price pattern that unfolded then appears to be repeating itself now, and if history is any guide, we could be in for another massive rally. However, CoinsKid also acknowledges the influence of external factors, such as the overbought DXY (Dollar Index), that can contribute to the volatility of the crypto market.
Should XRP experience a pullback, this event should not cause panic. Instead, it is seen as another buying opportunity for investors who have missed previous lows. CoinsKid argues that such market reactions present opportunities for high returns, especially if the price returns to the neckline of the ascending triangle.
