In a recent video, a popular analyst from the JWK Show YouTube channel has made some exciting predictions about the cryptocurrency market. According to the analyst, altcoins like XRP are on the verge of a significant surge in value, coined as a “major pump.”
Drawing upon technical analysis, the analyst points out that the altcoin market is transitioning from an “accumulation phase” to a promising “bull phase.” This pattern resembles a similar trend observed in 2019, which ultimately resulted in significant gains.
Interestingly, the analyst specifically highlights XRP as an altcoin that could soon make a breakthrough. He highlights a two-year trendline for XRP that shows a potential upward surge. Moreover, the analyst mentions a recent 74% spike in trading volume for XRP, indicating growing investor interest.
In addition to technical analysis, the analyst also alludes to other factors that could contribute to the altcoin rally. For instance, he references the upcoming SpaceX DOGE-1 satellite launch, which is set to be funded through Dogecoin (DOGE). This event is expected to have a positive impact on the broader cryptocurrency market.
The analyst relies heavily on a valuation model developed by Robert Michnick, a former Ripple employee now leading BlackRock’s digital assets division. By applying Michnick’s assumptions and calculations, the analyst suggests that XRP could potentially reach a staggering $352 based on future transaction volume, velocity, and store-of-value estimates. However, it is important to note that the analyst does not provide a specific timeline for this ambitious price target.
Overall, the market is now eagerly watching as altcoins, with a particular focus on XRP, prepare for what could be a remarkable breakthrough. Whether this prediction comes to fruition remains to be seen, but investors are cautiously optimistic, hoping to see history repeat itself in the cryptocurrency market once again.