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Analyst Predicts XRP Price To Hit $222 If History Repeats
XRP price jumped more than 5% today and hovered near the $2.5 mark while its one-day trading volume was down 25% to $9.5 billion. It’s worth noting that the crypto has faced massive volatile trading lately, slipping below the $2 mark recently. However, despite that, a renowned analyst predicted the Ripple coin price to hit $222 citing historical trends.
XRP Price Eyes Major Rally Ahead
Renowned crypto analyst EGRAG CRYPTO believes XRP price is entering a “Kangaroo Phase”, a term he uses to describe a volatile yet bullish market stage. According to his analysis, Ripple crypto is holding strong above key support levels while consolidating above Fibonacci retracement levels, signaling a potential breakout.
The expert noted that the crypto’s last major rally in 2017 followed a Fibonacci extension move, hitting the 1.618 level before making another parabolic jump. If history repeats, the XRP price could initially target $8.50 to $13, followed by a surge to $27. However, the analyst argues that a long-term Fibonacci extension move could propel the crypto to the staggering $222.
Besides, he also clarified that market cap is not a factor for those who question the impact of this robust surge in the asset’s price. “Market cap is a flawed measurement when it comes to real utility-driven assets,” he stated, dismissing skeptics who question such high price targets.
Trump’s Endorsement Fuels Optimism
Market sentiment got another boost as President Donald Trump announced plans to add XRP to the US Strategic Reserve list. This unexpected move places XRP alongside other key digital assets, potentially increasing institutional adoption and long-term value.
Trump’s pro-crypto stance has already influenced market movements, with investors closely watching regulatory shifts. If his administration follows through, Ripple’s native asset could see further gains, reinforcing bullish predictions.
XRP Lawsuit Nears Resolution, Adding Bullish Momentum
Another major catalyst for the XRP price surge is the anticipated resolution of the long-standing SEC lawsuit. A legal expert recently hinted that the Ripple Vs SEC case could conclude as early as March, sparking renewed optimism among traders.
Besides, the US SEC has dismissed a flurry of crypto lawsuits recently, which has further boosted the market sentiment. Having said that, the resolution in the long-running legal battle could significantly boost the asset’s price in the coming days.
Will XRP Follow 2017’s Price Explosion?
With historical patterns, market support, and regulatory developments aligning, the future trajectory of the XRP price looks promising. While a $222 target may seem ambitious, past cycles suggest that explosive rallies are possible.
Besides, a recent report indicates that Ripple price is primed to hit $30 by May 2025, sparking market optimism. However, despite the bullish forecasts, investors should exercise due diligence, given the ongoing volatile scenario in the market.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In a shocking incident, the Hong Kong government has unveiled a sophisticated crypto scam, involving a fake social media account impersonating the city’s Chief Executive. The scammers used the account to promote a fake cryptocurrency called “National Hong Kong Coin”, prompting a swift warning from the government.
Notably, the scammers announced the launch of the fraudulent coin on Solana, garnering widespread attention. However, Hong Kong Legislative Council member Ng Kit Chuang clarified that the government hasn’t issued the cryptocurrency.
Fake National Hong Kong Coin: What to Know
Earlier today, a fake X account impersonating Hong Kong’s Chief Executive John Lee Ka-chiu announced the launch of the National Hong Kong Coin on Solana. In an attempt to legitimize the deceptive claim, the scammers used a photograph of the Chief Executive. In addition, the scammers wrote on X, “This strategic step marks a new era in digital innovation and economic growth for Hong Kong”.
Subsequently, Legislative Council member Ng Kit Chuang has reassured the public that the government has made no official announcement regarding the issuance of a cryptocurrency. He warned investors to be cautious and not fall victim to such scams, emphasizing the importance of verifying information through official channels before making any investment decisions.
Government Warns Against Fake National Hong Kong Coin
Following the scammers’ false announcement on the Hong Kong Coin, the government issued a warning. In an official statement, the SAR government clarified that the Chief Executive’s account is fake and the shared information about the crypto launch is completely false.
Legislative Council member Ng Kit Chuang’s clarification comes amidst growing concerns and queries from citizens and Web3 industry experts about a fake social media post claiming the launch of the National Hong Kong Coin. The government has firmly debunked the claims as fraudulent, and Ng has urged the public to remain cautious and vigilant.
The Rise of Government Crypto Scams
It is noteworthy that the fake Hong Kong Coin incident is part of a broader trend of crypto scams that involve impersonating celebrities and government officials to dupe investors.
Recently, scammers promoted a fake meme coin impersonating Saudi Arabia’s Crown Prince Mohammed bin Salman. Scammers created a fake account, “SaudiLawConf”, to promote a fraudulent crypto called “Saudi Arabia Meme Coin”. However, the legitimate Saudi Law Conference soon discovered that their X account had been hacked and issued a warning about the crypto scam.
Similarly, the launch of Libra token, promoted by Argentinian President Javier Milei, has also created controversy. The token, which jumped by 3000% to an ATH of $4.5, soon reached its low, when the pulled $87M worth of LIBRA, leaving investors with significant losses.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Renowned crypto analysts took the stage on Thursday, projecting a highly bullish outlook for TRX price ahead. Analyst ‘Ali Martinez’ spotlighted a remarkable spike in TRON network activity as it scales new highs, whilst ‘Crypto Patel’ revealed that a $1 price target is potentially achievable this bull cycle. As a result, traders and investors optimistically eye the Justin Sun-backed token amid a broader market recovery.
Analyst Forecasts TRX Price To $1
At the time of reporting, TRX price witnessed a 2% uptick and exchanged hands at $0.2458. The coin bottomed and peaked at $0.2407 and $0.2465 intraday. Notably, the rising trajectory aligns with the broader crypto market’s recent recovery-like trend.
Simultaneously, analyst Crypto Patel took to X, revealing that TRON is showcasing a strong momentum and a $1 price target potentially looms. According to the price chart shared by the analyst, the coin’s price holds strong support at $0.140. A sustained hold above this level remains bullish.
The best ‘buy zone’ lies at $0.160 – $0.180, given the opportunity presents itself, per the analyst. Notably, the current price levels are considerably above the mentioned support zone, whilst sustained demand could propel new highs.
Can The Analyst’s Prediction Come True?
Intriguingly, it’s noteworthy that the analyst predicted a 200-300% surge in TRX price during October last year. Back then, the coin’s price traded around the $0.16 level, per CoinMarketCap data.
Subsequently, the price hit a $0.426 level as of early December 2024. This past chronicle is worth considering, although the price soon fell amid broader market trends.
TRON Network Activity Surge Bolsters Bullish Prediction
On the other hand, TRON network activity rose substantially, reaching a 2-month-high as of March 4.
According to analyst Ali Martinez, 2.94 million active addresses were recorded on the network recently. This data suggested rising market interest in the Justin Sun-led crypto project, paving a bullish road ahead.
Crypto Market Recovery Bolsters Hope
Simultaneously, the broader crypto market’s recovery-like trend has solidified investors’ optimism on TRX price. Bitcoin and altcoin witnessed notable gains amid pro-crypto developments in the U.S.
Donald Trump’s strategic crypto reserve announcement appears to have substantially boosted the market sentiment. Moreover, the looming U.S. crypto summit set for Friday has also glimmered hope over the market’s future prospects. Crypto market participants continue to monitor TRON extensively amid broader developments, signaling that a bull run to $1 is possible.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The crypto market today (March 6) has sustained upward action, sparking investor optimism globally. Bitcoin (BTC) price traded near the $92K mark as of early Asian hours on Thursday. Whereas, major-league altcoins also traded in the green zone. Notably, Ethereum (ETH), Solana (SOL), and XRP prices witnessed a 1%-5% uptick intraday.
Crypto Market Today: BTC, ETH, XRP, & SOL Up Amid Crypto Reserve Optimism
With Donald Trump’s recent announcement surrounding the creation of a U.S. crypto reserve that includes BTC, XRP, SOL, and ADA, the cryptocurrency sector appears to be riding optimistic waves. Following a previous bloodbath in late February that was induced via Trump’s tariff saga, this news appears to have boosted market sentiments as March kicked off.
It’s noteworthy that Trump’s much-awaited crypto summit in the White House is set to commence on the upcoming Friday. As an upshot, traders and investors mirror optimism amid recent advancements, digesting previous trade war tensions. In line with this optimism, the crypto market today gained nearly 4%, as indicated by a market cap of $3 trillion.
BTC Price Nears $92K
BTC price gained nearly 5% in the past 24 hours and exchanged hands at $91,538. CoinMarketCap’s data indicated that the coin hit an intraday peak near the $92K level, at $91,996.45. The flagship coin rose alongside a 6.5% increase in its futures OI to $50.83 billion, signaling growing market interest. Further, even Bitcoin’s market dominance stood up by 0.43% to 60.67%, flagging a dominant upside movement compared to altcoins.
ETH Price Gains 5%
ETH price witnessed a 5% uptick in the past 24 hours and exchanged hands at $2,284. The coin bottomed and peaked at $2,159.01 and $2,293.55 intraday. Ethereum rises alongside a 6% incline in its futures OI to $20.03 billion today. Further, the second-largest crypto by market cap saw its dominance at 9.2%. Intriguingly, Ethereum developers recently resolved a key setback on the Sepolia testnet, jacking up the Pectra upgrade.
XRP Price Jumps Over 1%
XRP price witnessed gains of slightly over 1% and exchanged hands at $2.51. The coin’s intraday low and high were $2.42 and $2.54, respectively. Ripple’s crypto witnessed a nearly 3.5% uptick in its futures OI, closing in at $3.42 billion. The leading crypto sees a bullish movement amid rising XRP whale transfers and active addresses on the network. Whilst the SEC lawsuit is speculated to end soon, solidifying positive market sentiments.
SOL Price Jumps 4%
SOL price witnessed a 4% surge intraday and traded at $148. The coin swooped to a $140.60 low and a $149.64 high in the past 24 hours. Solana rose alongside a 4% increase in its futures OI, per Coinglass data, indicating heightened market interest in the asset. Further, the coin follows the broader market trend on Thursday.
Meme Crypto Market Today
Dogecoin (DOGE) price gained nearly 5% and closed in at $0.2086. Shiba Inu (SHIB) price jumped 4% to $0.00001348. Also, Pepe Coin (PEPE) gained 3% to reach $0.000007152. Overall, the meme coin market is following the broader cryptocurrency prices today.
Top Crypto Market Gainers Today
Ondo (ONDO)
Price: $1.18
24-hour Gains: +20%
Cronos (CRO)
Price: $0.08784
24-hour Gains: +20%
Movement (MOVE)
Price: $0.4677
24-hour Gains: +16%
Top Crypto Market Losers Today
Story (IP)
Price: $5.22
24-hour Loss: -6%
Toncoin (TON)
Price: $3.03
24-hour Loss: -3%
Ethena (ENA)
Price: $0.3607
24-hour Loss: -3%
Overall, the crypto market currently reflects rising trader and investor optimism amid broader pro-cryptocurrency developments. Nevertheless, the fear and greed index showed a ‘fear’ sentiment prevailing within the market, which some experts believe is the best time to invest.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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