XRP Could Hit $440 due to Runaway Inflation & Money Printing – Analyst
John P. Njui • XRP NEWS • NOVEMBER 24, 2020
Quick take:
- MagicPoopCannon has explored the idea of XRP hitting $440
- $440 per XRP would put its marketcap at close to $20 Trillion
- His analysis and $440 target is based on a worldwide case of hyperinflation and central banks continually printing fiat
- $440 is a bit extreme with the TradingView community pointing out it is unrealistic
The digital asset of XRP has continued on its impressive parabolic run hitting a two-year high of $0.78 – Binance rate. This means that the remittance coin of XRP has increased in value by 225% in the month of November alone. At the time of writing, XRP has dropped to the $0.71 price area as investors anticipate more bullishness from the digital asset.
$440 Per XRP due to Runaway Inflation and Money Printing
According to Bitcoin and Crypto analyst, MagicPoopCannon, XRP could go as high as $440. His analysis is based on a worst-case scenario of global hyperinflation and continual money printing by central banks.
Here is the technical case for how XRP could possibly rise to $440…I know there will be people who comment how that would make XRP worth trillions (around $20 trillion according to my calculations) and that such a feat is impossible for a cryptocurrency like XRP.
I just want to end that argument by reminding everyone that the global money supply is constantly expanding. A $20 trillion dollar XRP market cap would be hard to imagine with the current global monetary supply, but the global monetary supply already appears to be entering a period of accelerated expansion.
Continuous printing and runaway inflation could easily make this a possibility, and with the looming global debt crisis in the background, nothing is beyond the realm of reason.
How XRP Will Reach $440
Magic further points out that XRP’s bear market since 2018 is very much similar to the one it had in 2015. If history repeats itself, XRP could experience a bull run similar to 2017’s that could propel it to $440. His analysis is based on Fibonacci retracements as explained below with an accompanying chart of his analysis.
Now, if we look back to the initial breakout from 2017, we can see that the first resistance level was at the 2.618 retrace. Currently, the 2.618 retrace is above $9! So, if XRP is going to perform similarly, we would need to see a massive rally to $9 in the near future.
From there, we saw XRP eventually rise to the 16 retracement, and then the 128, which is interesting to me because 128 is a multiple of 16. Anyway, if XRP performs similarly, it would then rise to the $55 level (the 16 retracement) and then eventually to the $440 level (the 128 retracement.)
(Click image for larger view)
TradingView Community Reacts to his $440 Prediction of XRP
The TradingView community was quick to throw cold water onto Magic’s XRP $440 price prediction with many pointing out that it was too far-fetched. Below is a sample of some of the responses to his analysis on the charting platform.
why am I still subscribed to this idiot? $1.50 here we come tho lol. – CryptoeChris
He’s 100% always wrong. He was completely wrong on bitcoin with his nvt and linear crap. He called for btc to collapse and even said it was worthless. He was utterly wrong on the stock market in April when he claimed he was 100% sure the top was in, yea ok!. He was absurdly wrong on his call for Trump winning a second term. wrong Wrong WRONG. Lol! – StreetGainer
whatever you’re smoking, i want some – Jolgan
NOTE: Last paragraph was deleted, due to vulgar content.
Original article posted on the EthereumWorldNews.com site, by John P. Njui.
Article re-posted on Markethive by Jeffrey Sloe