In a YouTube video, one crypto analyst shared an optimistic outlook on the cryptocurrency market and predicted further XRP gains ahead.
The analyst believes the crypto market is poised to enter a new bullish cycle driven by Bitcoin’s (BTC) recent halving event. The Bitcoin halving refers to when the reward miners receive for processing transactions is cut in half, which tends to precede major price rises.
Ever since Bitcoin came into existence, every time there is a halfing there is a crazy crypto cycle to follow.
XRP Right Now
The analyst expects money to continue flowing from stocks into Bitcoin first, then into Ethereum (ETH) once Bitcoin tops out and finds resistance. After that, he anticipates profits will rotate into altcoins, kicking off “altcoin season.” He cautions that the timeline likely remains months away.
The analyst also commented on the ongoing issues with crypto custody firm PolySign facing foreclosure, warning listeners to “get your crypto out”. He argues crypto companies are never too big to fail.
Additionally, the analyst sees Bitcoin exchange-traded funds (ETFs) as hugely impactful for the crypto market long-term. With another ETF application submitted this week, he says ETFs are “going to blow the roof off this market.”
For XRP specifically, the analyst shared price targets of 85 cents, $1, and $5.50 in the near-term and as high as $17-$24 long term. However, he reminds viewers that major gains will require patience as the crypto market cycle plays out.
