Analyst Predicts 1900% Rally for Ripple's XRP to Hit $7

• XRP Faces Significant Correction Amid Market-wide Liquidation Spree
• Market-wide Liquidation Hits Major Altcoins
• Despite Market Corrections, XRP Expected to Surge
• Ripple's Upcoming IPO Could Boost XRP's Price
• Ethereum ETF Could Further Beneficially Influence XRP's Price
• Potential Bull Run and Legal Verdict Could Impact XRP

XRP Faces Significant Correction Amid Market-wide Liquidation Spree

Ripple's XRP$0.620 -1.68% token has experienced a substantial correction in recent days, with its value decreasing by 1.9% according to daily charts, 8.6% based on weekly charts, and 19% over the last month. Despite this drop, the token's price has increased by approximately 63% since January 2023.

Market-wide Liquidation Hits Major Altcoins

Besides XRP, many of the significant altcoins have undergone a correction due to a market-wide liquidation spree. Cardano (ADA) has seen an 18% decrease in the weekly charts. Meanwhile, Avalanche (AVAX) and Polkadot$8.21 -2.51% (DOT) have both plummeted by over 14% within the same period. Chainlink$15.6 -4.61% (LINK) has decreased by over 10%, and Solana$104 5.03% (SOL) has dipped by over 12% within the previous week.

Despite Market Corrections, XRP Expected to Surge

Despite the recent downtrend, analysts maintain a bullish outlook for XRP. Cryptocurrency advocate Ben Armstrong predicts that XRP could potentially reach $7 during a bull market. This prediction implies a staggering growth of over 1900% from its current level. Furthermore, Armstrong indicates that this estimation might not be the highest point for XRP, suggesting that the asset could exceed the $7 threshold.

Ripple's Upcoming IPO Could Boost XRP's Price

Armstrong suggests that XRP's potential rise to $7 could coincide with Ripple's forthcoming Initial Public Offering (IPO). The IPO is expected to spark significant excitement, potentially leading to a surge in price.

Ethereum ETF Could Further Beneficially Influence XRP's Price

Beyond the impact of Ripple's IPO, Armstrong believes that an Ethereum$2,315 -2.42% (ETH) ETF could further enhance XRP's price prospects. He speculates that, following an ETH ETF, market participants could turn their attention to the next big cryptocurrency for an ETF, potentially XRP.

Potential Bull Run and Legal Verdict Could Impact XRP

Should the cryptocurrency markets enter a bull run, Ripple's XRP may reach a new all-time high. Moreover, if the U.S. high court delivers a favorable verdict for Ripple in the ongoing lawsuit with the Securities and Exchange Commission, this could provide an additional boost to the asset's price.

Edited by Jonathan Stoker