XRP to $8: Analyst Says You Have Messed Up If You Don’t Open Long Positions

Technical analyst “Lucky Chart Ape” argues that market participants who fail to open multiple long positions on XRP may have themselves to blame.

In a recent post on X, the widely followed analyst conveyed that investors’ approach to XRP over the next six months could significantly impact their financial status. Specifically, Lucky Chart stressed that XRP traders could encounter “life-changing” returns from XRP before 2024 ends. 

Accordingly, he warned that active market participants who ultimately failed to open enough long contracts for XRP before the price hit $8 will have “messed up.” This sentiment highlights the analyst’s anticipation of a historic XRP run before the year ends, potentially hitting a new peak at $8.

How Will XRP Hit $8?

Despite Lucky Chart Ape’s optimistic forecast for XRP, he failed to provide a specific reason behind his bullish outlook for the next few months. Consequently, commenters have continued to question how exactly XRP could achieve the $8 mark.

One individual attempted to fill in the gap, suggesting that XRP’s price surge often occurs towards the end of a bull run when it tends to catch up with Ethereum’s market capitalization. According to this commenter, XRP’s value could rise between $8 and $9 if this pattern repeats.

Interestingly, this proponent’s theory is supported by historical data. During the 2016/2017 cycle, XRP entered a bullish phase towards the end, when Bitcoin and other cryptocurrencies had already reached their all-time highs. In less than four weeks, XRP’s price skyrocketed from around $0.24 in December 2017 to an all-time high of $3.84 on January 4, 2018. 

During this run, XRP overtook Ethereum in market cap. Essentially, the commenter hopes that XRP will repeat this late-blooming rally and potentially reach the $8 mark.

Is the Technical Analyst’s $8 Projection Genuine? 

Meanwhile, it is worth noting that other market commenters have expressed skepticism about whether Lucky Chart Ape genuinely believes XRP could reach $8 or if his comment was merely sarcastic. 

This skepticism is based on the fact that the technical analyst has rarely commented on XRP’s performance and, on those occasions, has not been very optimistic about the coin.

Previously, his last analysis on XRP suggested that it would underperform compared to Bitcoin’s bull run. In one of the rare instances where he provided an outlook for XRP, he projected the asset to only reach $1.3. This starkly contrasts with the $8 sentiment shared in his latest post.