XRP Price Prediction: The Crypto Analyst Who Accurately Called XRP's Breakout Returns With a New XRP Price Target

The crypto analyst who accurately predicted XRP's breakout at $0.50 has returned with a new XRP price prediction. This time, he anticipates a rally that could propel XRP beyond its all-time high.

Crypto analyst Crypto Michael, known for his accurate prediction of XRP’s breakout at $0.50, is returning with a new XRP price prediction. This time, he anticipates a rally that could propel XRP beyond its all-time high.

With fresh momentum, strong technical patterns, and renewed investor confidence, XRP might be gearing up for a move that turns heads across the market. Could history be repeating itself? Here’s what the latest analysis reveals.

XRP Might Be On Track To Hitting New Price Milestones Soon

Crypto analyst Crypto Michael, known for his accurate XRP price prediction when it traded at $0.50, is making headlines once again. This time, Michael believes XRP is on track to maintain its bullish momentum and could soon break past the $3 mark to reach a new all-time high. In a recent post on X, Michael said a second parabolic rally may begin once XRP clears the $3 level.

It's getting interesting.

I'll be looking for a second parabolic rally to begin once $XRP clears $3.

I was calling for this current run while it was still at $0.50 last year.

We're now at $2.50 and the bull pennant that I spotted in early 2023 is nearly fully formed. It took seven years to form.

— Crypto Michael (@Crypto__Michae) August 24, 2024

He pointed out that he had forecasted this current run while the token was still hovering at $0.50. Last year, he highlighted a rare bull pennant pattern that had taken seven years to form, suggesting it could lead to one of the most significant breakouts in the market’s history. This prediction has proven to be accurate.

XRP eventually surged and became the second-best-performing coin among the top 10 by market cap in 2024. Now, momentum continues to build. Crypto analyst CasiTrade further fueled the excitement by stating that XRP could explode above $3 if it breaks and holds above $2.69. If that occurs, XRP may not only reclaim its former glory but could also surpass its previous high of $3.84.

Source: Coinmarketcap

Could This Growth Have Stemmed From The XRP-SEC Ending Legal Struggle?

On May 8, the SEC dropped its appeal against Ripple and agreed to cut the fine from $125 million to $50 million. It also asked the court to remove the injunction. At the same time, new moves from the U.S. administration are changing the crypto space. SAB 121 has been repealed, the OCC updated its crypto custody rules, and the FDIC revised its policies.

Ben Gessel, a senior advisor at the SEC Chairman's office, recently disclosed that the regulator is currently working on updating its guidance on crypto tokens.

According to a new report by the Block, Gessel made the remarks at an industry event hosted by the Institute of International Bankers. He added that the SEC is planning to propose an "interesting" set of administrative law judge cases to the commission in the coming months.

These cases will decide whether specific crypto products should be registered as securities.

The administrative law judge who oversaw the SEC’s case against Ripple ruled in April that the agency failed to adequately demonstrate that XRP was sold as a security.

The SEC is now appealing against that ruling.

The news comes as the SEC faces increasing pressure from Congress to provide more clarity on crypto regulation.

In June, a bipartisan group of senators grilled Gensler over the agency’s handling of the crypto market. The senators expressed concern over the lack of clear guidance from the SEC and the agency’s unwillingness to engage with Congress on key issues.

The senators also raised questions about the SEC’s enforcement priorities and its approach to registering crypto products.

Gensler defended the agency’s actions and said that the SEC is working diligently to protect investors and maintain the stability of the financial markets. He also noted that the agency has brought a record number of enforcement actions in recent years.

However, the senators remained skeptical and pressed Gensler to do more to cooperate with Congress and provide the guidance that the industry needs.

The hearing was part of an ongoing effort by lawmakers to provide more clarity on crypto regulation.

Congress is currently working on several bills that would create new regulatory frameworks for the crypto industry.

These bills are still in the early stages of development, but they could have a significant impact on the future of crypto in the U.S.

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