Analyst Geoff Kendrick predicts significant growth for XRP due to technical strengths and partnerships
Geoff Kendrick, an analyst at Standard Chartered, is known for publishing frequent crypto research. He covers major cryptocurrencies like Bitcoin and smaller ones. Kendrick believes one cryptocurrency he covers will see significant gains. Kendrick’s price predictions on cryptocurrencies are rare due to their unique valuation challenges compared to traditional stocks.
XRP, created in 2012, has been a significant player in the crypto world. Kendrick sees potential for XRP, which has faced regulatory challenges with the SEC. Ripple, the company behind XRP, has been involved in a legal battle with the SEC, impacting XRP’s price and sentiment among investors.
After changes in SEC leadership, Ripple settled with the agency, leading to a surge in XRP’s price. Kendrick points to technical strengths and partnerships as catalysts for XRP’s growth. He predicts XRP could reach $5.50 this year and $12.50 by 2028, representing a significant upside potential.
Kendrick highlights XRP’s annual transaction volume increase and partnerships with financial institutions as key factors for its growth. He sees potential in XRP’s move into asset tokenization and the approval of spot-XRP exchange-traded funds by the SEC. Kendrick estimates this could unlock billions in inflows for XRP.
Despite Kendrick’s bullish outlook, investors should approach crypto investments with caution. While XRP has potential for growth, competition and regulatory challenges remain. Kendrick’s analysis of XRP’s potential growth is based on various factors, but the volatile nature of cryptocurrencies requires careful consideration.
The Motley Fool Stock Advisor team does not include XRP in its list of top stocks. The team identifies stocks with potential for significant returns, drawing comparisons to past recommendations like Netflix and Nvidia. Stock Advisor has a strong track record of outperforming the S&P 500, making their recommendations valuable for investors.
Read more at Yahoo Finance: 1 Top Cryptocurrency to Buy Before It Soars 471%, According to Wall Street Analyst Geoff Kendrick