Markets
Ripple’s XRP Price Climbs To $10, Seeming Likely In This Scenario Amid $3 Trillion XRP Market Outlook ⋆ ZyCrypto
XRP, the seventh largest cryptocurrency by market capitalization, has experienced a period of sideways trading, with moderate volatility in recent months.
This comes as the crypto market sees renewed interest, particularly with the rise of meme coins. Dogecoin, which has outperformed industry stalwarts like Cardano. Despite the current lull, experts predict a significant recovery for XRP in the second half of 2024.
In a recent article on X, analyst Egrag Crypto highlighted the potential for a remarkable increase in XRP’s market capitalization before the end of the year.
“Once the market cap (MC) of XRP explodes on “The White Channel”, we are looking at a target of a market cap of $3 trillion. The midpoint of the channel is $100 billion and the high end reaches $287 billion. This is where XRP MC will rocket like a rocket! » wrote the expert, urging the XRP community to stay ready.
On the other hand, Matthew Dixon, CEO of AI-based crypto investment firm Evai, said he expects a slight pullback before a substantial C-wave rally, warning of the Pre-terminal nature of triangular patterns in technical analysis.
“The XRP rally correlates with solid positivity across most cryptocurrencies. But if the triangle interpretation is correct, remember that triangles are preterminal waves followed by an aggressive terminal surge (C wave). He stated.
After analyzing a triangular configuration, the analyst “JacktheRippler” predicted the end of the accumulation phase of XRP, suggesting a price rise between $5 and $10 per XRP. Such a hike would represent an increase of approximately 1,800% over current prices.
However, despite these optimistic forecasts, concerns persist regarding Ripple’s token sales. Ripple plans to sell 400 million XRP in June, which will be the largest token sale in seven years. Given that Ripple holds large reserves of XRP, including $40.1 billion on deposit, the ongoing sales could negatively impact price movements.
Furthermore, the persistence legal battle with the United States Securities and Exchange Commission (SEC) has been a persistent drag on the price of XRP over the past four years. Although the court ruled last May that XRP was not a security, a potential settlement later this year could increase the value of the cryptocurrency.
At the time of writing, XRP was trading at $0.5195, reflecting a modest gain of 1.26% over the past 24 hours. However, trading volume jumped 61.54% during the same period, indicating renewed interest in the cryptocurrency despite the current price stagnation.