Analysts on the JWK Show YouTube channel have made several predictions about the cryptocurrency market, including XRP.
In a December 26 video, the analyst said he believes altcoins like XRP are poised to become a “major pump” in the near future. He pointed to technical analysis showing that the altcoin market is leaving the ‘accumulation phase’ and entering the ‘bullish phase’. He compares this to a similar pattern in 2019, before any significant gains occurred.
History is repeating itself. Same thing is happening.
JWK Show
In particular, JWK highlights XRP as an altcoin that could be launched soon. He highlights a two-year trend line for XRP that could soon exceed its upside. The analyst also notes that the asset’s trading volume has recently surged 74%.
JWK also mentions the upcoming SpaceX DOGE-1 satellite launch, paid for in Dogecoin (DOGE), scheduled before mid-February 2024. He speculates that this could also boost the broader cryptocurrency market.
The analyst relies heavily on a crypto asset valuation model published in 2018 by Robert Michnick, who previously worked at Ripple and now leads BlackRock’s digital assets space. Using similar assumptions to Michnick’s example, JWK’s calculations show that XRP could reach $352 in the future based on estimates of trading volume, speed, and store of value. However, the analyst does not provide a specific timeline for his high price target.