A popular YouTube crypto analyst known as “Mickle” released a bullish forecast for XRP in a recent video, arguing that the broader cryptocurrency market is on the cusp of a new bull run that will likely propel the price of XRP higher.
The analyst highlighted recent positive developments like crypto exchange Binance appearing to avoid collapse as signs of stabilization in the market.
This takes a massive black swan scenario off the table. […] Now that we know that the biggest exchange in the world is likely off the hook from any black swan scenario, maybe that means it’s time for us to get back in the cryptocurrency market in a big way.
Mickle
He believes we will see renewed institutional interest in crypto. According to him, this interest will have a particularly positive effect on XRP.
Institutions want to beat retail. Institutions want to make maximum profit, but they don’t want to be in the market for the biggest exchange in the entire ecosystem collapsing. […] This is going to make them more confident that, hey, there’s a Bitcoin spot ETF right around the corner. There’s a renewed hype level in cryptocurrencies, and the market conditions are starting to look better.
Mickle
Mickle concluded by expressing optimism on altcoins like XRP soon reversing their declining price trends from the recent crypto winter. He especially pointed to the market currently being in the expansion phase.
If you zoom out on any cryptocurrency chart, it’s usually up and to the right. I think we’re back in the expansion phase. And hopefully this video just helped you understand my thinking on why we’re so close to this time.
Mickle
Read the full article here