Analyst Predicts XRP to Soar to $352 In 2024: Will History Repeat Itself?

• The JWK Show analyst predicts a significant surge in XRP, citing technical analysis, historical patterns, and a 74% spike in trading volume.
• Drawing on a valuation model, the analyst suggests XRP could reach $352, with potential catalysts including the altcoin market’s transition to a “bull phase” and the SpaceX DOGE-1 satellite launch.

Cryptocurrency enthusiasts and investors are abuzz with anticipation as the JWK Show YouTube channel analyst recently shared bold predictions of XRP. In a video released on December 26, the analyst outlined a compelling case for a potential surge in the value of XRP, pointing to key technical indicators and historical patterns.

According to the JWK Show analyst, the broader altcoin market, including XRP, is gearing up for what he terms a “major pump” soon. The analyst relies on technical analysis that indicates the altcoin market is transitioning from an “accumulation phase” to a “bull phase.” Drawing parallels to a similar pattern observed in 2019, he suggests that this shift could precede substantial gains.

“History is repeating itself. The same thing is happening,” he confidently asserts in the video.

XRP: The Highlight of the Show

While discussing potential breakout candidates, the analyst places a spotlight on XRP, emphasizing a two-year trendline that suggests an imminent upward breakthrough. Furthermore, he draws attention to a remarkable 74% surge in trading volume for XRP, indicating increased market interest and potential momentum.

Also Read: 3 Crucial Price Levels for Ripple’s XRP Bull Run Breakthrough

SpaceX DOGE-1 Satellite Launch as a Catalyst

In a fascinating twist, the analyst references the upcoming SpaceX DOGE-1 satellite launch, which is set to be funded with Dogecoin (DOGE) and is scheduled for no earlier than mid-February 2024. Speculating on the impact of this event, he suggests that it could catalyze a broader upswing in the cryptocurrency market.

$352 XRP Price Target: A Data-Driven Projection

Delving into the realm of valuation models, the analyst leans heavily on a 2018 crypto assets valuation model developed by Robert Michnick, a former Ripple employee now leading BlackRock’s digital assets division. Using assumptions akin to Michnick’s framework, the analyst projects that XRP could reach an impressive $352. This projection is based on future transaction volume, velocity, and store-of-value estimates.

While the JWK Show analyst’s predictions are generating excitement, it’s essential to note that he does not provide a specific timeline for the anticipated surge. As the cryptocurrency market continues to evolve, investors will be watching closely to see if history does indeed repeat itself, propelling XRP to new heights.