Although it was rejected at $1.70 a couple of weeks ago after its major mid-August surge, Ripple’s cross-border token is still up by 40% from its multi-year lows marked less than a month ago.

This has turned numerous analysts highly bullish. While this sounds quite expected for market observers like EGRAG CRYPTO, Ali Martinez’s recent price target is what got the community going.

XRP to $60!?

Martinez has recently been quite convinced that Ripple’s native token has already bottomed out during this cycle and is on its path to recovery. In a previous post, he noted that XRP’s breakout is confirmed and outlined a more modest target of $1.70. This one came actually after the asset reached that level on August 21-22, following its 70% surge in less than 72 hours.

However, it was violently rejected there and pushed south to under $1.35 last week. Its ability to maintain that level and the subsequent rebound to the current $1.40 gave bulls more hope, and Martinez joined the party.

In a post from earlier today, the analyst told his 166,000 followers that XRP has been “forming a massive ascending triangle on the monthly chart.” If it breaks above and closes north of the key barrier at $3.66, then it would “confirm the breakout and activate a technical target near $60.” Yes, that’s $60 per XRP.

Now, we are not trying to be the bearer of bad news, but $60!? Even if it takes another 10 years, it would require a near-4,200% surge from current levels. Moreover, its market cap, even if XRP’s supply remains the same, which it won’t, would be at around $4 trillion (yes, with a T). This would make it 2-3 times bigger than BTC’s current market cap, and its valuation would top even giants like Amazon and Microsoft.

Maybe $25?

Similar highly bullish (and a bit far-fetched) predictions typically come from other analysts, such as EGRAG CRYPTO. But even his most recent analysis was more modest than Martinez’s.

Basing his findings on XRP’s previous expansions, in which the asset exploded by up to 2,400%, the analyst outlined some major targets in his September 5 analysis. The highest of which is at $25 if XRP is to mimic the most significant rally from its 2017-2018 bull phase.

The other, slightly less bullish, targets are set between $11 and $15.8. Naturally, all of those sound a bit unrealistic at the moment, even though the market structure has shifted significantly over the past several weeks.

Source: CryptoPotato