Analyst Says XRP Could Skyrocket to $70 as Bitcoin Hits $100k and Cardano Eyes $1.40

Bitcoin (BTC) dropped 8% to $93,101 earlier this week, its biggest one-day fall in three months. On Monday Bitcoin recovered, reaching a 24-hour high of $102,514. XRP and ADA had similar recoveries.

BTC fell below $100k, after the former U.S. President Donald Trump announced new tariffs on imports from Canada, Mexico, and China.

According to CoinGlass, over $1.3 billion in leveraged crypto positions were liquidated, $300 million in Bitcoin and $400 million in Ethereum (ETH). The rest of the market got hit, too, Ethereum slipped by 20% to $2,500, and Solana (SOL) down 13% to $184. XRP is down 28% to $2.00, and Trump’s namesake memecoin (TRUMP) is down 12%.

Bitcoin Liquid Index (BLX). Source: Brave New Coin

Bitcoin dropped as the U.S. Dollar Index (DXY) rose 4% since October 2023 to put pressure on risk assets. Despite the sell off, Bitcoin’s market dominance is still 60.59% as Bitcoin ETFs are seeing strong demand.

Despite the downturn, Bitcoin ETFs recorded robust inflows. According to data, U.S. spot Bitcoin ETFs attracted $4.94 billion in net inflows throughout January 2024. BlackRock’s iShares Bitcoin Trust (IBIT) led with $3.2 billion, followed by Fidelity’s FBTC with $1.3 billion, Bitwise’s BITB at $125 million, and Grayscale’s Mini Trust adding $398.5 million.

Bitwise Chief Investment Officer Matt Hougan suggested that annual inflows could reach $50 billion, drawing parallels to the historical performance of gold ETFs. Meanwhile, Jeff Park, Head of Alpha Strategies at Bitwise, compared the current trade tensions to the 1985 Plaza Accord, which weakened the U.S. dollar and led to inflation in trading partner economies.

Time for the XRP news – Analysts are looking at XRP and predicting a $70 breakout if historical patterns repeat. Initial estimates by EGRAG CRYPTO have XRP’s market cap reaching $300 billion soon, which would put the price per token between $5 and $6. If Ripple’s XRP follows its historical growth patterns, the market cap could reach $1.1 trillion and the Ripple price could be $20. Further growth could take the market cap to $4 trillion and the price to $70.

XRP has the potential to explode from here. Source: Egrag Via X

Recent predictions have XRP surpassing Ethereum in market cap soon, as attorney John Deaton pointed out. Such developments would move XRP up the market cap ladder and increase investor confidence.

Looking at XRP’s performance in February across multiple years shows a mixed bag. Cryptorank data shows that despite an average return of -3.00% for the month, there have been big gains, 26.3% in February 2022. XRP has had downturns, 33.4% in 2014, but also big recoveries.

XRP has broken out of a long term descending channel and was bullish to start with, pushing above major resistance. However global trade tensions and a big market correction have taken a toll on it.

WATCH XRP PRICE ANALYSIS 

After breaking above $1.83 XRP went to $3.30 and then had a big pullback, down 26% to $2.12. This is in line with the broader market sell off due to new trade tariffs announced by the US on China, Canada and Mexico.

The technicals are at a crossroads for XRP. The RSI went into overbought territory and it retraced quickly to $2.12.The support zone of $2.10 to $2.50 is critical; if it holds XRP can recover. But if it breaks this support it can go down to the lower historical imbalance zones of $1.63.

XRP/USD Daily chart. Source: TradingView

XRP has broken out of the long-term descending channel and is very bullish. It has broken above $1.83 which is now a support. At the time of analysis XRP is up 48.01% for the month.

More upside is possible if the bullish momentum continues and analysts are looking at $4.50. But if the breakout fails it can retest the lower supports including $1.83.

Cardano is poised for significant growth, with analysts predicting a potential surge to $1.40 by March 2025 due to a symmetrical triangle pattern emerging on its price charts. This optimistic projection aligns with rising investor confidence, substantial open interest, and impactful network upgrades such as the upcoming Plomin hardfork.

Cardano symmetrical triangle pattern emerging. Source: X

Currently trading at $0.7465 ADA has experienced a significant decline after hitting a monthly high of $1.16.However, market experts believe Cardano’s strong historical resilience and the favorable technical setup position it for a robust upward trajectory.

Key resistance levels to watch are at $1.33 and $2.50. A breakout above these could trigger a rally towards $5.20 and potentially $7.80, driven by continued investor enthusiasm and further enhancements in Cardano’s infrastructure.

The Plomin hard fork is expected to bring more decentralization and scalability to Cardano and make it more attractive to investors. Open interest in ADA futures is at $1.31 billion, so the market is really optimistic. This is reflected in the increasing volumes and the market cap which is at $32.76 billion despite the recent pullback.

The broader market is under pressure and we are seeing big moves as seen in Cardano’s recent dip to $0.7012. But the metrics are pointing to a bounce. ADA’s activity, especially the volume during the price drop, is showing active trading scenarios where investors are buying the dips.

As the Cardano network is evolving and investor interest is growing, ADA can definitely break $1 and challenge the previous highs. As the market settles from the recent volatility, Cardano’s progress and investor confidence can push the price to the forecasted $1.40 which is a big milestone for the market cap.