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XRP Set For Major Upswing: Top Analyst Reveals Timing For $10-$20 Price Milestone

XRP, the cryptocurrency associated with Ripple, has been locked in a lengthy period of consolidation, trading between $0.300 and $0.600 for the past seven years. 

Despite a brief surge during the 2021 bull run that saw XRP reach a three-year high of $1.9 in April, the token has since returned to its range, lacking the bullish momentum to overcome upper resistance levels. 

However, some crypto analysts are now predicting a major uptrend for XRP in the coming months, potentially propelling it to new heights.

Analysts Anticipate XRP Breakout

A technical analyst using the pseudonym “U-COPY” on the social media site X (formerly Twitter) suggests that XRP could experience significant movement between May 15 and August. 

U-COPY points out that XRP has been slowly moving up from its previous low at $0.46 and is nearing the end of a long triangle formation, which has been in accumulation since 2018. 

The analyst believes that XRP’s real potential will be revealed in the fully formed bull cycle, with the token possibly experiencing substantial growth by the end of the year.

Supporting this bullish outlook, another analyst, Armando Pantoja, proposes that the crypto bull run could begin in September or October 2025, with XRP potentially reaching a price of $0.75. 

Pantoja further suggests that if former US President Trump wins the election and the Securities and Exchange Commission (SEC) eases its stance on cryptocurrencies, XRP could be propelled to higher levels. 

This change in regulatory dynamics, combined with the ongoing legal battle between Ripple and the SEC, may increase the likelihood of XRP gaining approval for an exchange-traded fund (ETF) similar to Bitcoin. 

Pantoja outlines a price range of $1-2 for an XRP ETF announcement in early 2025. If interest rates are cut multiple times during the same period, XRP could potentially reach $5-10. Ultimately, Pantoja predicts the possibility of XRP hitting $10-$20 by the fourth quarter of 2025 or the first quarter of 2026.

‘Buy the Dip’ Opportunity? 

According to market intelligence platform Santiment, The XRP Ledger (XRPL) has recently witnessed a notable increase in the movement of dormant tokens, signaling a potential shift in market dynamics for the token. 

Coinciding with the opening of May, the company’s Token Age Consumed metric reveals a spike in the transfer of old coins, reminiscent of a similar occurrence in April, just before a significant downturn in the market. During that period, XRP experienced a sharp decline in value, dropping by 16%.

However, in contrast to the previous event, Santiment suggests that there is a “compelling argument” that this current surge in old coin movement might be attributed to the interest of key stakeholders looking to “buy the dip.” 

Furthermore, it is worth noting the growing open interest in exchanges, which has recently reached a three-week high. This uptick in open interest indicates increased active positions in XRP, potentially reflecting growing market participation and heightened trading activity.

Considering these factors together—the surge in dormant token activity, the potential buy-the-dip interest from key stakeholders, and the rising open interest on exchanges—there appears to be a shift in sentiment surrounding XRP. 

XRP

At press time, the seventh-largest cryptocurrency trades at $0.5020, down over 7% in the past week alone and 1% in the past 24 hours. 

Featured image from Shutterstock, chart from TradingView.com 

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$400 XRP Price Point: Analyst Breaks Down The Future Surge Date

Amid the XRP price unfavorable market sentiment, Changelly, a prominent global cryptocurrency exchange, has sparked new optimism by predicting a potential surge in the token’s price. The crypto exchange has projected new all-time highs for the cryptocurrency in the upcoming years.

XRP 2024 Price Prediction

On Wednesday, February, Changelly released a research report projecting XRP’s monthly prices for 2024. The crypto exchange emphasized XRP’s historical challenges, recounting significant declines that caused the cryptocurrency to trade well below its 2018 all-time high of $3.84.

Following an extensive analysis of XRP, Changelly has predicted a 23.71% increase in the price of XRP, surpassing current resistance levels at $0.5 and reaching $0.667 by February 16, 2024.

XRP price XRPUSDT XRP chart

The crypto exchange noted that current technical indicators signal a 28% bearish bullish market sentiment on the token, alongside a Fear and Greed index reflecting high Greed at 74.

Changelly has also reported a positive seven-day upward trend for XRP, noting a $0.01 increase in the past 24 hours. The cryptocurrency platform foresees the average price of XRP reaching $0.617 by March, with a projected price range of $0.550 to $0.685.

Changelly forecasts that XRP will trade above the $0.50 mark in April and May, reaching average price values of $0.562 and $0.573, respectively. From June to September, the cryptocurrency is expected to gradually approach the $0.60 mark, with the average price values of XRP ranging from $0.55 to $0.59 during these months.

By November, the token is anticipated to break past resistance levels, maintaining an average price of $0.662, with a minimum and maximum value of $0.569 and $0.755, respectively. Meanwhile, Changelly has predicted a surge in the average XRP price to $0.695 for December, potentially reaching a peak value of $0.829. 

Massive Price Surge In Upcoming Years

In its research report, Changelly provided a forecast of the token from 2025 to 2050. The crypto exchange platform anticipates big gains for the cryptocurrency, expecting its price to exceed $500 in the coming decades. Specifically for 2025 and 2026, Changelly projects XRP to surpass the $1 mark and trade at an average price of $1.18 and $1.72, respectively.

The cryptocurrency is expected to slowly increase over the years, surging past $2 mark in 2027 and surpassing its all-time high of 3.84 for the first time to reach an average price of $5.04 in 2028.

In the decade from 2030 to 2040, Changelly has predicted that XRP would trade at an average price of $7.39 in 2030, rapidly gaining more momentum over the years to reach a maximum level of $480.23 and a minimum of $413.15 in 2040.

By 2050, XRP is projected to surpass the $600 mark and trade at $625.74, with a maximum and minimum value of $690.55 and $595.36, respectively.

Chart from Tradingview

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XRP Price Could Surge from New Acquisition, Amid Community Skepticism

Recently, Ripple announced the acquisition of Standard Custody & Trust Company, a digital asset custodian. The company aims to expand into different sectors beyond its core payments network business.

This development may become the key catalyst in driving the price of XRP to new heights, addressing historical challenges of price declines and stagnant growth. 

Ripple’s Acquisition Sets Stage For Potential XRP Price Surge

On Tuesday, February 13, Ripple disclosed the formal agreement to acquire Standard Custody to continually expand its offerings and pursue smart acquisitions to capitalize on present and future market opportunities. 

The acquisition of Standard Custody signals Ripple’s commitment to serving its customers and fostering growth and security in the Ripple ecosystem. By implementing a digital asset custodian, Ripple can provide secure storage and management of digital assets like XRP. 

Additionally, a cryptocurrency custodian can potentially boost confidence in investors and financial institutions. This increased trust may attract substantial institutional investors into the XRP ecosystem, potentially driving up demand and triggering a price increase for XRP. 

According to CoinMarketCap, XRP is priced at $0.5, reflecting a 0.95% decrease in the last 24 hours and an 8.87% drop over the past month.

Ripple XRP XRPUSDT

Despite bullish market trends, the cryptocurrency has lingered around the $0.5 price for months, leading to a shift in investor sentiment and confidence. Some members of the XRP community have also accused the cryptocurrency of being purposefully suppressed. 

In light of this, Ripple’s strategic acquisition has the potential to act as a catalyst, boosting the price of XRP. The digital asset custodian could introduce an element of stability to the XRP ecosystem, addressing regulatory uncertainties plaguing the ecosystem.

Consequently, this may positively influence the general perception of XRP, attracting favorable sentiments and institutional investors and potentially contributing to an upward price movement.

XRP Community Divided As Doubts Emerge

Despite Ripple’s latest announcement and the potential positive impacts the acquisition may have on the ecosystem, the XRP community has remained in doubt, continually voicing out concerns over the depressed state of the cryptocurrency. 

Responding to Ripple Chief Executive Officer (CEO) Brad Garlinghouse’s statement about the company’s plans to acquire Standard Custody, an XRP supporter and investor, identified as “MackAttackXRP” on X (formerly Twitter), expressed skepticism, stating that Ripple’s recent developments were insufficient to generate a positive impact on XRP’s price. 

Mack revealed that the price of XRP has been “structurally too low for the past five years.” He mentioned a notable shift in perspectives among XRP community members, with some opting to change their XRP for more promising cryptocurrencies or exit the market altogether. 

Another XRP community member expressed his frustration about the cryptocurrency’s price, disclosing that many dedicated supporters of XRP are starting to lose hope for the cryptocurrency and may consider leaving before witnessing any significant price increases for XRP. 

Chart from Tradingview

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XRP Ledger (XRPL) Token Market Cap Surged 47% In Q4 To $169M: What Caused The Surge?

A recent report by Messari sheds light on the state of the XRP Ledger (XRPL) and its notable performance during the fourth quarter (Q4) of 2023. 

The report highlights significant milestones, including its native token market capitalization, distribution, burning mechanism, price movement, legal battle, and network activity.

Distribution Of 4 Billion XRP Contributes To Market Cap Growth? 

As of Q4 2023, XRP, the native token of the XRPL, emerged as the sixth-largest cryptocurrency by market capitalization, reaching $33.7 billion. The token’s circulating market cap witnessed a substantial 21.2% increase quarter-over-quarter (QoQ) and an impressive 93.6% growth year-over-year (YoY). 

According to Messari, the increase in market capitalization was primarily due to the distribution of 4 billion XRP and a significant price spike on November 13, when the token reached as high as $0.7503.

XRP

Throughout 2023, 4 billion tokens were distributed, accounting for 8% of the XRP supply from the end of 2022. While this distribution contributed to the increase in market cap, it was overshadowed by the impact of the price spike. 

Additionally, the XRPL employs a transaction fee-burning mechanism, applying deflationary pressure to the total supply of 100 billion XRP. However, the low transaction fees on the network have resulted in a relatively low burn rate of approximately 12 million XRP since the inception of the XRP Ledger.

Network Activity Shows Mixed Trends In Q4 2023

Q4 2023 marked a significant turning point for XRP, concluding a multi-year legal battle with the US Securities and Exchange Commission (SEC). In July 2023, the district court ruled that XRP is not considered an investment contract or a security, distinguishing it from many other blockchain assets. 

This ruling triggered a surge in XRP’s price, with an increase of over 70% on July 14 and a peak of $0.82 on July 20. The subsequent relisting of XRP on major cryptocurrency exchanges further bolstered its position.

XRP

Network activity on the  XRPLedger displayed mixed trends in Q4. While active addresses decreased by 31.3% QoQ, transactions increased by 22.7% QoQ. 

Notably, a significant portion of transaction activity originated from a group of accounts sending transactions to a single account for inscription-related activity. The number of accounts on the XRPL increased by 188,000, reaching 5.00 million in Q4. 

Overall, the Q4 2023 report on the XRP Ledger showcases its growth, driven by various factors such as price spikes, legal victories, and network activity. With its expanding market capitalization and increasing adoption, XRP continues to solidify its position in the cryptocurrency market.

Featured image from Shutterstock, chart from TradingView.com

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Ex-Ripple Director Heralds ‘Big News’ For XRP, Can Price Respond?

Sean McBride, the former Director of Global Talent Acquisition at Ripple, has hinted at significant upcoming news for Ripple and XRP. McBride’s announcement, made via a post on X (formerly known as Twitter), has sparked a mix of excitement and skepticism among followers and investors alike.

His post stated: “Big news coming from #Ripple and #XRP in the next couple days,” setting the stage for speculation on what the news could entail and its potential impact on XRP’s market performance. However, the reaction to McBride’s announcement has been varied within the XRP community.

Wietse Wind, the founder of XRPL Labs—a company known for developing XRP Ledger-based projects such as XAMAN (formerly XUMM), a digital wallet, and Codius, a smart contract platform—responded with a hint of skepticism, implying concerns about insider trading:

Must be quite the news if it is worth entering insider trading territory.

Another community member, identified as Faisal, expressed a more cynical view, suggesting a pattern of temporary engagement with Ripple’s technology: “Another company using Ripple’s products as a ‘pilot program’ and then never actually using it after?” This sentiment reflects a broader skepticism that has occasionally surrounded Ripple’s partnerships and the actual adoption of its technology.

In response to the negative feedback, McBride’s retort was blunt: “Yeah, all you non Ripple shareholders can STFU because, yes, big news IS coming, already has come, and XRP is going to explode so piss off if you don’t have anything positive to say.” This statement indicates a strong belief in the significance of the upcoming news and its potential to positively impact the XRP price.

XRP Price Shows No Reaction (Yet)

As of press time, the XRP price has not shown any significant reaction to McBride’s announcement. This lack of immediate market movement may suggest that investors are adopting a wait-and-see approach.

In a technical analysis of XRP against the US dollar (1-day chart), the price shows a continuation within a descending channel pattern, indicating a bearish market sentiment. As of press time, the XRP price hovered around the $0.50 mark.

XRP price

The chart analysis reveals that the price of XRP is currently struggling below several critical Exponential Moving Averages (EMAs) – the 20-day EMA at $0.52319, the 50-day EMA at $0.55345, and the 100-day EMA at $0.56877. This EMA positioning suggests a strong resistance level for any upward price movement. Furthermore, the 200-day EMA at $0.56220, although below the 100-day EMA, still acts as a potential resistance zone.

Volume indicators show a relatively stable volume with a slight increase in selling pressure, as denoted by the red volume bars. The Relative Strength Index (RSI) is at 36.08, which is close to the oversold territory, but not yet indicative of a strong reversal signal.

Notably, the price is trading near the 0.786 Fibonacci retracement level at $0.49894, a critical support level in the short term. This Fibonacci retracement is drawn from the major swing high at $0.74902 to the swing low at $0.43085. The price has already breached the 0.5 ($0.58993) and 0.618 ($0.55239) Fibonacci levels, which were previously acting as support levels, and is now testing the 0.786 level for potential support.

The descending channel pattern is defined by two parallel lines, with the price making lower highs and lower lows, which is typically seen as a bearish signal. For traders looking for a bullish reversal, a break above the upper boundary of the channel and the nearest EMA would be essential. Conversely, a drop below the 0.786 Fibonacci level could see the price test the $0.43085 level, which is the recent swing low.

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Exploit Causes XRP Price Crash: Ripple Co-founder Discloses Losses Of $113 Million

XRP experienced a significant price drop early Wednesday amidst rumors of a potential exploit. The XRP price dropped more than 4% to $0.4853 but later recovered to $0.500 following a clarification from one of Ripple’s co-founders.

Personal XRP Accounts Impacted, Not Ripple’s

Initial reports suggested that Ripple had suffered a significant security breach, which was brought to light by decentralized finance (DeFi) investigator ZachXBT. These reports raised concerns about the overall security of the Ripple protocol.

According to investigations, the breach resulted in the theft of more than 213 million XRP tokens, valued at over $112 million. The stolen funds were reportedly laundered through cryptocurrency exchanges, including MEXC, Gate, Binance, Kraken, OKX, HTX, and HitBTC.

However, Ripple co-founder Chris Larsen took to X (formerly Twitter) to clarify the situation. In a recent post, Larsen stated: 

Yesterday, there was unauthorized access to a few of my personal XRP accounts (not Ripple) – we were quickly able to catch the problem and notify exchanges to freeze the affected addresses. Law enforcement is already involved.

XRP Price Analysis

Despite the recent security concerns, XRP is trading at $0.5085, marking a 3.4% decrease in the past 24 hours. However, beyond the Ripple co-founder’s personal account exploit, the XRP price has experienced a significant decline over the past month.

Over the last seven days, the token has seen a minor 1.3% drop. The decline has deepened in the previous fourteen days with a 10% decrease. This is more problematic for XRP enthusiasts because the price has lost significant ground over the past 30 days, with an 18% dip.

Nevertheless, XRP bull and crypto analyst EGRAG Crypto provides an intriguing price analysis that could potentially encourage investors toward a price recovery if the token manages to hold and consolidate above the $0.500 level.

XRP Price

According to EGRAG, a handful of chart analysts have noted that after wave 1 of the Elliott Wave theory, wave 2 could retrace up to 90% of wave 1. The initial targets of $0.85 to $1 were successfully reached during the July pump, with the price reaching around $0.93 after Ripple’s partial victory against the SEC in its ongoing legal battle over XRP classification.

Currently, EGRAG suggests that a “wicking event” down to $0.41 is possible, considering a 10%-15% fluctuation due to the volatile nature of the crypto markets.

However, the analyst points out that the upside lies in the upcoming Wave 3, which is influenced by Wave 1 and typically has a ratio of 1.618 compared to Wave 1.

If all of this plays out, EGRAG ultimately sees the next short-term target for XRP being the all-time high (ATH) at $5. If the original wave count is adjusted, the range could be between $2.2 and $2.8.

XRP price

Featured image from Shutterstock, chart from TradingView.com

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Key Requirements For Spot XRP ETF Approval Revealed Amidst 4500% Price Surge Target

Following Bitcoin’s spot exchange-traded fund (ETF) approval on January 11, market speculation has grown around the possibility of similar investment vehicles for major cryptocurrencies, including a spot XRP ETF. However, certain requirements and regulatory considerations must be met before such a development can occur.

Regulatory Prerequisites For Spot XRP ETF

FOX reporter Eleanor Terret clarifies the matter, stating that launching an XRP spot ETF would first require the establishment of a futures ETF. 

In the case of Bitcoin, the approval of spot ETFs was conditional upon the Securities and Exchange Commission (SEC) concluding that the Chicago Mercantile Exchange (CME) Bitcoin futures market provided sufficient surveillance against fraud and manipulation. 

Terret suggests that for XRP to have a spot ETF, a futures ETF must first be established, marking a step in the right direction.

Bloomberg ETF expert James Seyffart shares a similar sentiment, stating that he does not anticipate an XRP ETF launching this year. Seyffart cites the ongoing SEC case against Ripple as a factor influencing his stance, suggesting that an XRP ETF is more likely to emerge once the regulatory matter is resolved. 

Seyffart adds that XRP futures trading on a regulated platform like the Chicago Mercantile Exchange would be a prerequisite for the SEC to consider any applications for a spot XRP ETF. Seyffart hints that an XRP futures ETF could also be advantageous in this context.

The SEC has maintained a cautious approach towards spot ETFs involving crypto assets due to concerns about potential market manipulation. Seyffart emphasizes that the availability of XRP futures trading on a regulated platform, such as the CME, would provide a favorable framework for the SEC’s consideration of a spot XRP ETF, especially given previous court rulings highlighting the correlation between futures and spot markets.

Amidst the ongoing speculation, blockchain firm Ripple seems to be preparing for potential involvement in the ETF space. 

A recent job advertisement posted on Ripple’s website reveals their search for a Senior Manager in business Development, with a focus on institutional decentralized finance (DeFi). The role includes spearheading cryptocurrency-related ETF initiatives with internal trading teams and relevant partners.

XRP’s Future Potential – From $0.5299 To $27?

Crypto market analyst EGRAG crypto has conducted a comprehensive price analysis of the XRP token. Despite peaking in 2023, when the price reached a high of $0.9376 on July 13, the token has retraced more than 15% since the start of 2024 to a current trading price of $0.5299.

However, according to EGRAG, the 21 Exponential Moving Average (EMA) on the monthly time frame is a significant indicator for assessing XRP’s price movement. 

The analysis focuses on three price levels: $3.5, $6.5, and $27. Based on previous instances (labeled A, B, and C), EGRAG extrapolates potential future price movements using the same percentage increases observed in the past.

XRP ETF

The first potential scenario is a significant price surge to $27, representing a massive 4500% increase. This prediction is based on a similar percentage move observed in the past (from previous instance A), seen in the chart above. 

The second scenario suggests a more conservative projection, with XRP potentially experiencing a solid 1000% increase to $6.5. This projection is based on historical patterns observed in previous instance B. 

In the third scenario, EGRAG anticipates a significant 500% rise in XRP’s price, reaching $3.5. Based on previous instance C, this projection indicates a significant upward movement for the token. 

Whether the XRP token can successfully surpass the upper resistance levels that have impeded its rise to the $0.600 mark since late December remains to be seen. 

Additionally, the market eagerly awaits a catalyst that could prompt a breakthrough in XRP’s seven-month downtrend structure, potentially resulting in a price surge above $0.700.

XRP ETF

Featured image from Shutterstock, chart from TradingView.com

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Key Requirements For Spot XRP ETF Approval Revealed Amidst 4500% Price Surge Target

Following Bitcoin’s spot exchange-traded fund (ETF) approval on January 11, market speculation has grown around the possibility of similar investment vehicles for major cryptocurrencies, including a spot XRP ETF. However, certain requirements and regulatory considerations must be met before such a development can occur.

Regulatory Prerequisites For Spot XRP ETF

FOX reporter Eleanor Terret clarifies the matter, stating that launching an XRP spot ETF would first require the establishment of a futures ETF. 

In the case of Bitcoin, the approval of spot ETFs was conditional upon the Securities and Exchange Commission (SEC) concluding that the Chicago Mercantile Exchange (CME) Bitcoin futures market provided sufficient surveillance against fraud and manipulation. 

Terret suggests that for XRP to have a spot ETF, a futures ETF must first be established, marking a step in the right direction.

Bloomberg ETF expert James Seyffart shares a similar sentiment, stating that he does not anticipate an XRP ETF launching this year. Seyffart cites the ongoing SEC case against Ripple as a factor influencing his stance, suggesting that an XRP ETF is more likely to emerge once the regulatory matter is resolved. 

Seyffart adds that XRP futures trading on a regulated platform like the Chicago Mercantile Exchange would be a prerequisite for the SEC to consider any applications for a spot XRP ETF. Seyffart hints that an XRP futures ETF could also be advantageous in this context.

The SEC has maintained a cautious approach towards spot ETFs involving crypto assets due to concerns about potential market manipulation. Seyffart emphasizes that the availability of XRP futures trading on a regulated platform, such as the CME, would provide a favorable framework for the SEC’s consideration of a spot XRP ETF, especially given previous court rulings highlighting the correlation between futures and spot markets.

Amidst the ongoing speculation, blockchain firm Ripple seems to be preparing for potential involvement in the ETF space. 

A recent job advertisement posted on Ripple’s website reveals their search for a Senior Manager in business Development, with a focus on institutional decentralized finance (DeFi). The role includes spearheading cryptocurrency-related ETF initiatives with internal trading teams and relevant partners.

XRP’s Future Potential – From $0.5299 To $27?

Crypto market analyst EGRAG crypto has conducted a comprehensive price analysis of the XRP token. Despite peaking in 2023, when the price reached a high of $0.9376 on July 13, the token has retraced more than 15% since the start of 2024 to a current trading price of $0.5299.

However, according to EGRAG, the 21 Exponential Moving Average (EMA) on the monthly time frame is a significant indicator for assessing XRP’s price movement. 

The analysis focuses on three price levels: $3.5, $6.5, and $27. Based on previous instances (labeled A, B, and C), EGRAG extrapolates potential future price movements using the same percentage increases observed in the past.

XRP ETF

The first potential scenario is a significant price surge to $27, representing a massive 4500% increase. This prediction is based on a similar percentage move observed in the past (from previous instance A), seen in the chart above. 

The second scenario suggests a more conservative projection, with XRP potentially experiencing a solid 1000% increase to $6.5. This projection is based on historical patterns observed in previous instance B. 

In the third scenario, EGRAG anticipates a significant 500% rise in XRP’s price, reaching $3.5. Based on previous instance C, this projection indicates a significant upward movement for the token. 

Whether the XRP token can successfully surpass the upper resistance levels that have impeded its rise to the $0.600 mark since late December remains to be seen. 

Additionally, the market eagerly awaits a catalyst that could prompt a breakthrough in XRP’s seven-month downtrend structure, potentially resulting in a price surge above $0.700.

XRP ETF

Featured image from Shutterstock, chart from TradingView.com

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XRP Could Hit $0.39 Before Soaring 1000%: Crypto Analyst

The price of XRP is currently navigating bearish territory. Following its descent below the 200-day exponential moving average (EMA), the digital currency has further dipped beneath the critical 0.618 Fibonacci retracement level. Despite this downward trend, renowned crypto analyst Dark Defender offers a glimmer of optimism for the XRP army.

However, he also suggests that the market might face additional challenges first before embarking on a remarkable 1000% surge. In his latest analysis, the crypto analyst shared the weekly XRP/USD chart, employing a range of technical indicators including the Ichimoku Cloud, Fibonacci levels, ABC corrective patterns, and Elliott Wave theory.

XRP Price Could Drop Further

The chart provided depicts XRP’s price movements within the context of an Elliott Wave structure, which postulates that markets move in predictable, repetitive cycles. The analyst is identifying the progress of an ABC correction pattern within a larger Elliott Wave cycle. This correction consists of three waves: A (down), B (up), and C (down again), which is purportedly nearing completion.

XRP price analysis

Dark Defender’s analysis suggests that the current market structure for XRP mirrors that of a period in early 2021 when the crypto asset surged by 1,060% in less than four months. According to Dark Defender, this is indicated by the confluence of the RSI readings and price action.

The RSI, a momentum oscillator that measures the extent of recent price changes to evaluate overbought or oversold conditions, is marked with a white circle at a level of approximately 47.61, indicating neutrality. This is similar to the RSI level noted in 2021, suggesting a potential repetition in market sentiment and behavior. Moreover, the RSI is currently in an uptrend, as previously stated, with plenty of room to the upside.

The Ichimoku Cloud, a collection of indicators that show support and resistance levels, as well as momentum and trend direction, shows that XRP is trading within the cloud on the weekly timeframe. A breakout from the cloud could signal a strong trend in the direction of the breakout.

Fibonacci levels, derived from the Fibonacci sequence, are used to predict the extent of a correction or a continuation of a trend. The chart highlights several key Fibonacci retracement levels from a recent high to a low. These levels are $0.3917 (23.60%), $0.4623 (38.20%), $0.5286 (50.00%), and $0.6649 (70.20%).

According to the analysis, holding above or below the 50% retracement level at $0.5286 could indicate the likelihood of testing the next levels at $0.6649 or falling towards $0.3917, respectively. “#Equation: 1. XRP stays below $0.52 for 3 days —>$0.39 in play 2. XRP stays above $0.52 for 3 days—> $0.66 in play,” the analyst remarked.

Followed By 1000% Price Rally

Looking further ahead, the Fibonacci extension level at 161.80%, which translates to a price target of $1.8815, is highlighted as potential objectives for Wave 3 of the Elliott Wave cycle. The analyst has outlined a substantial potential increase, with a range up to $5.85, which would exceed the 161.80% Fibonacci extension level.

However, it’s important for traders to note the main resistance trend line that has been pressing down on the price (red line), as well as the support trend line that has been upholding the price during retracements (blue line) are the most crucial price levels at the moment. The convergence of these trend lines forms a triangle that is a focal point for the price action going forward. A decisive break in either direction could lead to significant price moves – either to $0.39 or $0.66 in the short-term.

In conclusion, Dark Defender’s analysis presents two pivotal scenarios, both leading to the anticipation of a major wave up (Wave 3) after the completion of the current corrective phase. “One way or another, wave 2 will be completed & wave 3 is expected to target $1.88 – $5.85 for both scenarios,” Dark Defender concludes.

At press time, XRP traded at $0.53195.

XRP price

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XRP Price Drop Vs. BTC, ETH: Legal Expert Dissects Driving Forces

The XRP price dynamics, in comparison to its more dominant counterparts, Bitcoin (BTC) and Ethereum (ETH) have been a subject of intense scrutiny and debate. Pro-XRP lawyer Bill Morgan recently shed light on this perplexing trend through a detailed discourse on X (formerly Twitter), sparking a wide array of responses and theories from the community.

Morgan, reflecting on the long-term performance of XRP, pointed out a noticeable trend: “The XRP price dynamic seems to be to move with the market meaning BTC and Ethereum but to gradually over the long term decline in value against those two assets no matter what Ripple does.”

He highlighted a significant decline in XRP against BTC (84.85%) and ETH (91.58%) over the last five years. Initially attributing this trend to the lawsuit against Ripple, Morgan noted that even subsequent legal victories and clarity for XRP in the second half of 2023 did not reverse the declining trend, leaving the community questioning the underlying causes.

XRP Underperforms Significantly Vs. BTC, ETH: Why?

The discourse unfolded further in the comment section, where various users presented their hypotheses. One user branded XRP as “the most hated coin in crypto,” suggesting that a persistent negative sentiment, combined with aggressive shorting and attacks, has been detrimental to XRP’s value. Morgan concurred, acknowledging the impact of the “FUD narrative” but doubting it as the primary cause.

The discussion delved into other potential factors, including “tribalism” in the crypto space, the lack of speculative media attention around XRP, and the influence of large holders of BTC and ETH on the XRP price. Morgan termed these collective factors as the “narrative explanation,” acknowledging their role but still not convinced of them being the central issue.

“I call that the narrative explanation and I do believe it contributes to XRP price performance against BTC and ETH. I don’t think it is the main explanation. The FUD narrative against XRP is intense and continuous. It even included absolute nonsense about the SEC v Ripple case,” Morgan stated.

A pointed criticism came regarding the developer activity on the XRPL (XRP Ledger), with a user highlighting a lack of development as a significant concern. Morgan agreed, marking the inactivity as an issue. “Lack of developer activity is definitely a problem,” the lawyer remarked.

However, he firmly dismissed the notion that the monthly release of 200 million coins by Ripple from escrow is a factor, stating, “The escrow argument is easy to dismantle.” He also countered the argument about XRP’s utility, or lack thereof, by presenting evidence of its use in 50% of Ripple’s ODL (On-Demand Liquidity) transactions.

Competition And Propaganda

The role of stablecoins like USDT and USDC in cross-border payments and remittances, a domain where XRP aims to excel, was also discussed. Morgan admitted that increased competition in this specific area might indicate a broader issue: the lack of development of other applications for XRP on the XRPL.

Offering a broader perspective, Yassin Mobarak, founder of Dizer Capital, pointed to the “propaganda against XRP” as a significant deterrent to its value appreciation.

He argued:

Honestly, given the unfortunate successful propaganda against XRP in the crypto community, we should not look to existing retail investors for XRP price appreciation. That will likely never come. XRP will only grow from demand coming from utility, institutional users & investors, and new retail entrants into the space who have not been tainted by the historical propaganda.

As the conversation unfolds, it becomes evident that the factors influencing XRP’s price dynamics are multifaceted and complex. However, one thing is clear: if the supply side can be ruled out as a problem (Ripple escrow), it is the demand side which is lacking.

At press time, XRP was trading at $0.54908 and has fallen 2.5% in the last 24 hours, in line with the broader market.

XRP price

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XRP Price Projection: Analyst Envisions Potential 50X Surge To $14, Here’s Why

Since the beginning of December, the XRP price has been range-bound between $0.5762 and $0.6565, lagging behind other altcoins that have seen significant gains due to increased market capital inflows. 

However, recent developments surrounding the potential rejection of Bitcoin exchange-traded fund (ETF) applications by the US Securities and Exchange Commission (SEC) have added to market uncertainty and triggered a 10% drop in the XRP price, pushing it toward the $0.500 level.

XRP Price Legal Catalyst 

Despite these challenges, a significant catalyst could potentially propel XRP to new heights—the ongoing legal clash between Ripple Labs and the SEC regarding XRP sales. 

Crypto analyst Egrag Crypto has expressed optimism, stating that a 40X or even 50X boom is possible for XRP, citing the impressive performance of the cryptocurrency in the previous cycle despite the SEC lawsuit. Egrag Crypto stated:

Last cycle, despite the pesky SEC lawsuit, XRP surged almost 20X. This time, with its unparalleled legal regulatory clarity, the potential for a 40X or even 50X boom seems promising

By the numbers, according to Egrag Crypto’s analysis, at its cycle low of $0.28, a 40X surge could potentially push the price to around $11. 

Taking it further, a 50X leap might see XRP soar to around $14. To put this into perspective, Egrag, compared with Ethereum’s (ETH) previous cycle multiplier of 58X, XRP at $0.28 could reach an astounding $16. 

While XRP’s future holds promise, the Ripple vs. SEC lawsuit remains a focal point for investors. Understanding the key dates in the legal proceedings is crucial. Here is a breakdown of the upcoming milestones:

Key Dates Revealed For Ripple-SEC Legal Battle In 2024

12th February 2024: Remedies briefing begins: Ripple and the SEC will present their respective arguments and proposals regarding potential remedies for the legal dispute on this date. This briefing will provide insights into the parties’ positions and suggested resolutions.

13th March 2024: SEC files remedies brief: Following the remedies brief, the SEC will submit a remedies brief outlining their proposed solutions to address the alleged violations committed by Ripple. This filing will further clarify the SEC’s stance and the actions they seek against Ripple.

12th April 2024: Ripple submits opposition: Ripple will have an opportunity to present their opposition to the SEC’s proposed remedies. They will outline their arguments against the SEC’s allegations and offer counterarguments and alternative solutions. 

29th April 2024: SEC replies: The SEC will be able to respond to Ripple’s opposition. They will address Ripple’s arguments and provide additional justification for their proposed remedies.

XRP price

Currently, the XRP price has recovered slightly to the $0.5715 level, with an eye on these key dates that could shape the future, the legal denomination of the token, and its impact on the future price action. 

Featured image from Shutterstock, chart from TradingView.com 

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XRP Price Forecast: Wave 5 Signals Impending Supercharged Growth To $13 By 2024

XRP price has recently demonstrated a sideways price action, deviating from the overall trend witnessed across the cryptocurrency market and altcoins. 

Despite a modest 2% growth in the past 30 days, with prices ranging between $0.6427 and $0.5994, a crypto analyst operating under the pseudonym James Crypto has made a bold prediction based on Elliott Wave Theory’s interpretation of XRP’s monthly chart. 

Grand 5th Wave And Potential Rally For XRP Price

James Crypto points to an intriguing possibility of XRP price entering a grand 5th wave, drawing attention to the extended durations of Wave 1 and Wave 3. 

The Elliott Wave Theory, developed by Ralph Nelson Elliott in the 1930s, is a technical analysis tool widely used to forecast future price movements in financial markets. 

The theory suggests that price movements unfold in recurring wave patterns, which can provide insights into potential future trends. 

According to the theory, a complete market cycle consists of five waves, with three impulse waves (1, 3, and 5) and two corrective waves (2 and 4). The fifth and final wave is often associated with a significant price surge before a potential reversal or consolidation.

XRP Price

James Crypto’s analysis focuses on XRP’s monthly chart, which provides a broader perspective on the asset’s price movements. 

The extended duration of Wave 1 (20 weeks) and Wave 3 (spanning over 40 weeks) caught the analyst’s attention. By extrapolating this trend, the theory suggests the possibility of a 60-week Wave 5, which could mark a substantial price rally for XRP.

Should XRP price follow the projected Elliott Wave pattern, James Crypto’s forecast points to a supercycle top expected to occur in March to April 2024. The target price range for XRP during this period is estimated to be between $5 and $13. 

Struggles Amidst Price Declines

Trading at $0.6147, XRP has experienced a decline of 0.5%, 1.4%, and 4.3% over the past 24 hours, seven days, and fourteen days, respectively. These downward trends highlight the token’s current lack of bullish momentum and catalyst.

XRP Price

CoinGlass’ liquidation heatmap indicates a critical juncture for XRP’s price, as significant leveraged positions exist on both sides of the market. The heatmap reveals notable liquidations at the $0.6284 and $0.6347 levels, with the largest amount observed at $0.5960 over the past three days.

Considering these developments, XRP may initially break through the long liquidation level before experiencing another upward movement to bolster much-needed bullish momentum. 

However, given the unpredictable nature of volatility and price actions, a short squeeze could potentially occur first, temporarily driving the XRP price above its nearest resistance levels.

The outcome remains uncertain as to which side will yield first and what additional catalysts may contribute to a price surge for XRP, aligning it with the overall market trend of gains as we approach the end of the year.

XRP Price

Featured image from Shutterstock, chart from TradingView.com 

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XRP Will Not Become A Stablecoin For Banks After AMM Launch: Expert

In the wake of Ripple’s announcement regarding the integration of an Automated Market Maker (AMM) into the XRP Ledger (XRPL), the community has been abuzz with speculation and debate. Central to this discourse is the potential transformation of XRP in light of this update, particularly in regard to its classification and function as a digital asset.

Ripple’s Chief Technology Officer, David Schwartz, previously hailed this update as the most significant for XRPL, raising expectations among stakeholders. Additionally, at the recent Swell conference, Ripple revealed plans to integrate its rebranded Ripple Payments product with the XRPL’s native decentralized exchange (DEX), further stirring discussions among community members.

The community’s response has been a mix of euphoria and confusion. Digital Perspectives, a key community influencer with over 150,000 followers on X, expressed concerns over the potential implications of this update: “Are we watching XRP become a stablecoin with the introduction of AMMs and the Prudential Treatment requirements from the Bank of International Settlement [BIS]? Cat 1 vs Cat 2, where would you classify XRP?”

He further questioned, “When XLS-30D passes and AMMs become an integral part of the XRPL, will it change the characteristics of XRP and qualify as a group 1b asset for BIS and other banks?”

XRP Price Volatility Is Necessary

Panos Mekras, the co-founder of crypto-focused company Anodos, quickly intervened to dispel the rumors and speculation about XRP morphing into a stablecoin to fit into the 1b asset class of the BIS with the advent of the AMM. Mekras, who has previously clashed with Digital Perspectives over misinformation, laid out a detailed refutation of the idea that XRP could become a stablecoin.

He emphasized, “The fundamental nature of XRP as the native coin of the XRP Ledger, a decentralized digital asset traded freely, is unchangeable. It’s technically impossible for XRP to transform into a stablecoin, a concept that completely contradicts its inherent design.”

He further delved into the dynamics of AMMs, noting that they are most effective in environments with high volatility. This volatility benefits liquidity providers (LPs) by attracting more traders and, consequently, increasing trading volume and fees. According to Mekras, the AMM is tailored to take advantage of such market conditions.

Mekras also highlighted the potential impact of the AMM on XRP’s market dynamics. He suggested that the AMM’s implementation might lead to an increase in buying pressure on XRP. A significant portion of the token is expected to be locked in the AMM, which would enhance its liquidity and attract more traders. This, in turn, would make the crypto token more versatile and efficient for various use cases.

In his concluding remarks, Mekras called for a more informed understanding within the community. He stressed the need to focus on the technical aspects of XRPL and the AMM, advising against following individuals who propagate misinformation.

“The community should stop following and paying attention to enablers of misinformation such as Digital Perspectives and learn more about the technicals of the XRPL and the AMM,” Mekras said.

At press time, the XRP price found support at the 0.382 Fibonacci retracement level in the 1-day chart and traded at $0.6333.

XRP price

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XRP Price Path To $1: Exploring Two Potential Outcomes From The $0.66 Resistance Level

Following a sideways weekend, the XRP price stumbled on a critical resistance level, forcing the token to revisit support. The crypto market is following a similar trajectory on short timeframes, but an analyst believes the current price action could set the stage for a bigger rally.

As of this writing, the XRP price trades at $0.64 with a 3% loss during today’s trading session. In the previous week, the token recorded a 7% loss, operating as the work performer in the top 10 by market cap, followed by Cardano (ADA), which recorded a 4% profit over the same period.

XRP Price XRP XRPUSDT Ripple

XRP Meets Resistance But Prepares For Bigger Run To The Upside?

According to a pseudonym analyst, the XRP price met resistance at $0.664, which could trigger potential scenarios. On the positive side, the cryptocurrency is targeting a key level at $1, the analyst believes.

As seen in the chart below, XRP needs to clear the high of its current range at $0.73 before making a run to the upside. At around $1, the cryptocurrency would climb above the 0.8 Fibonacci Extension, a series of levels used to measure resistance and support.

XRP Price XRPUSDT XRP price analysis XRP Chart

In that sense, $0.9 is the most significant resistance for XRP and its potential bullish run. The trader believes the bullish momentum dissipated after a close below the 0.66 Fibonacci extension, which could push the token back to $0.61 or $0.58 if bulls failed to push back.

On the upcoming price trend for XRP, the analyst stated the following, favoring a sideways price action scenario:

The side move is continuing between $0.6649 & $0.6131, and the latter becomes important. We can touch here because we stayed below the target level. The target is still to hit $0.87 and $1.05 in the very short term, but the prerequisite is to stay above $0.6649.

When Will The XRP Price Hit $1?

Previously, the same analyst claimed that the resistance at $0.66 opens the door for a run at the $0.7 level, as mentioned. The analyst believes the token could break above these levels in the coming month.

XRP could hit $0.87 on November 19th if the bulls successfully attempted to breach this resistance. Corresponding with the Elliot Wave Theory, the analyst concluded:

XRP broke the 4-hour support of $0.6649 but is still strolling around it. The daily still has not broken yet. We call this C Wave Expanded C, and it’s completely technical. We wicked to $0.6287 yesterday & Fibonacci Support there is $0.6131. This correction is completely technical and routine. I trust $XRP to consolidate between $0.66 & $0.61 and continue to finalise the 5th Wave at $0.8737 very soon.

Cover image from Unsplash, chart from Tradingview

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XRP Price Outlook: Expert Forecasts Potential Rise To $5.5

In the evolving cryptocurrency market, XRP, currently ranked as the fifth largest digital asset, has recently exhibited a modest price increase compared to its major counterparts. 

However, when examining XRP’s performance across various time frames, the token has reported significant gains. Nonetheless, it is worth noting that XRP is currently trading well below its yearly high, in contrast to its peers who have achieved and surpassed new highs in 2023 during the recent bullish surge.

Impending XRP Price Breakout?

Prominent industry expert using the pseudonym “Crypto Insight” on the X platform (formerly known as Twitter) shared an intriguing update with his over 20,000 followers, signaling an impending XRP blastoff.

According to Crypto Insight, it becomes apparent that XRP tends to lag behind the price action of Bitcoin (BTC), the leading cryptocurrency. However, there are indications that XRP breakouts are gradually converging with the movements of BTC.

Analyzing historical data, Crypto Insight highlights that the time taken for XRP to experience significant breakouts has been decreasing over time. 

The first major breakout took approximately 22 days, while the most recent pump occurred within a shorter time frame of 13 days. If this trend of closing the gap between XRP and BTC continues, it suggests a potential breakout date around November 15th.

Additionally, XRP has undergone a cooling-off period in the 4-hour time frame, implying that there might be further room for a downside correction before a reversal to the upside occurs.

Crypto Analyst Targets $5.5

Crypto analyst Egrag Crypto has recently unveiled a noteworthy forecast for XRP, centering around the Multi-Year Ascending Triangle (MYAT) pattern, which holds significant implications for XRP’s price movements.

XRP Price

According to Egrag’s analysis, The MYAT pattern indicates that XRP experienced a breakout above the Symmetrical Triangle after reaching the 70% completion mark, which aligns with the timeline of July on the chart. 

The surge in price to $0.93 and the subsequent retest at the breakout point are seen as part of a standard retest process, indicating potential strength in the upward momentum.

Looking ahead, Egarg Crypto highlights several key projections for XRP:

  1. XRP appears to be poised to reach a target of $1.3, as indicated by the Blue Ascending Triangle on the chart. This level represents a significant milestone that XRP could potentially achieve in the near future.
  2. The next notable move for XRP could potentially propel it to $5.5. However, it is important to note that at this price level, a considerable selloff by retail investors is anticipated, according to Egrag. 
  3. Building upon the larger symmetrical triangle pattern, Egarg Crypto suggests that XRP could see a remarkable 500% price increase in the future, indicating the potential for a substantial pump. 

XRP Price

Currently, XRP is grappling with the challenge of establishing consolidation above the crucial $0.600 level, which holds significant implications for the cryptocurrency’s future price uptrend and overall prospects. In the past 30 days, XRP has recorded a gain of 35%. 

However, the sustainability of this price action for the anticipated second leg up in November remains uncertain.

Featured image from Shutterstock, chart from TradingView.com 

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Crypto Analyst Says XRP Price Has Entered Markup Phase, Why This Is Important

The XRP price is still in an incredibly bullish position despite the recent pullback and the general sentiment in the community matches this bullishness. One crypto analyst explains the current trend as the altcoin having entered what is referred to as a “markup phase.”

XRP Price Leaves Accumulation To Markup Phase

Crypto analyst and trade The Signalyst took to TradingView to share an interesting phase that the XRP price had entered. Using a chart, the crypto analyst outlined where the altcoin’s price had been in the past, where it is now, and where it is headed using distinct terms.

The first phase outlined in the chart is the markdown phase which took place after the price surge following Ripple’s first victory over the United States Securities and Exchange Commission (SEC) in July. This markdown phase saw the price go from as high as $0.9 to as low as $0.45 when all was said and done.

What came after the markdown phase was complete was the accumulation phase. Here, the XRP price traded in a pretty tight range, offering an opportunity for investors to buy as many coins as possible. During this phase, the price never crossed above $0.55.

XRP price chart from Tradingview.com

Next came the markup phase which is where the XRP price is currently residing. This markup phase is when the price starts to recover. “After breaking above the 0.55 level mentioned in my previous idea, XRP exited the accumulation phase and entered the markup phase,” the analyst said.

This markup phase is important in the fact that it possesses the strength for the XRP price to continue to grow. However, like with any rally, it faces a good measure of resistance from bears who continue to try to pull the price down.

XRP price chart from Tradingview.com (Markup phase)

The most important level for bulls to break in this markup phase, according to the analyst, is $0.7345, from which the price has already been rejected once on Monday. The Signalyst believes that if this level is broken, then bulls can maintain control of the price. The chart suggests a rise as high as $0.8 following a break of this resistance; an event that would cement XRP’s bull rally.

“Meanwhile, XRP could still face rejection at the resistance, which can be confirmed on lower timeframes,” the analyst warned. “In this scenario, a correction towards the 0.55 support level would be anticipated.”

Despite the drawdown, the XRP price is still showing bullishness and a high level of interest from investors. Its daily trading volume is up 32% in the last day, breaking above $3.3 billion. Its price is currently sitting at $0.69, up 1.63% and 21% on the daily and weekly charts, respectively.

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Near-Term XRP Price Rally Of 270% Is Imminent: Crypto Analyst

The XRP price has seen a strong uptrend in recent days, demanding attention from investors and analysts alike. According to crypto analyst Dark Defender, XRP has surpassed the short-term price target of $0.66, a bullish signal for the digital asset’s trajectory.

“We set $0.66 as a very short-term target, and now it’s broken in the 4-hour time frame. Congrats, who believed in it,” tweeted Dark Defender.

The Next Near-Term XRP Price Target

The analyst highlights the necessity for XRP to maintain its stance above this level to confirm its bullish trend. “We need to stay above this level today as well. The daily time frame indicates we are oversold, so there might be back-tests to $0.66 daily,” Dark Defender added, hinting that a corrective move could be imminent.

Remarkably, Dark Defender’s not solely confined to daily movements; the analyst provided a comprehensive bullish outlook across various time frames. “Daily Time Frame, Bullish; Weekly Time Frame, Bullish; Monthly Time Frame Bullish,” stated Dark Defender, reaffirming a strong uptrend sentiment after several months of anticipation.

In terms of future price predictions, the crypto specialist sees a 270% rally to $1.88 as the next short-term target, but not before a crucial condition is met: “We must observe XRP close above $0.6649 first, a prerequisite for a crucial Fibonacci Level of $1.88.”

Fibonacci levels are often used in trading to identify potential levels of support and resistance, and the $1.88 mark is highlighted as a significant Fibonacci level equivalent in strength to the $0.66 threshold. On the way up, Dark Defender sets $1.05 and $1.33 as further targets, although these are considered less challenging than the $0.66 level.

Long-Term Price Targets

The realignment of focus will shift to $5.8563 once the $1.8815 level is breached. “Whenever I see $1.8815 is broken, then we can set $5.8563” as the next target, the analyst explains, setting an ambitious but calculated path for XRP’s potential growth.

XRP price analysis

The chart shared by Dark Defender showcases the XRP price targets, illustrating a well-defined Elliott Wave pattern, a technical analysis tool that predicts future price movements by identifying crowd psychology that manifests in waves. This method hinges on the notion that market prices unfold in specific patterns, which Dark Defender has applied to the XRP price chart.

The chart indicates that XRP is currently in an Elliott Wave pattern, a structure that consists of impulse and corrective waves. The impulse waves, labeled as 1, 3, and 5, move in the direction of the trend, while the corrective waves, labeled 2 and 4, move against it. Dark Defender’s analysis suggests that XRP completed its wave 1 and wave 2, with wave 1 characterized by a sharp increase in price and wave 2 marking a retracement.

Wave 3, which is often the longest and most dynamic, has targets set by the analyst using Fibonacci extension levels. This is where we see the recent break above $0.66, marking the potential start of wave 3. The 1.618 Fibonacci extension level provides the next target for this wave at $1.88. However, Dark Defender’s ultimate target for wave 3 is above the 2.618 Fibonacci extension level at $5.88.

As for wave 4, Dark Defender expects a slight corrective wave, which will likely see the price retrace from the highs of wave 3, but not below $3.5. Finally, wave 5 is anticipated to push the price up again, completing the Elliott Wave cycle. If the prediction of the analyst holds true, the XRP price sets a bold long-term target of $18.22 for the completion of wave 5, which would represent a substantial increase of more than 2,500% from the current levels.

At press time, XRP trade at $0.6933.

XRP price

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XRP Price Confirms Early Stages Of Bull Market? Data Sheds Light On Recent Rally

Volatility is back in the crypto market as the XRP price and the price of other major cryptocurrencies trend to the upside and into new year highs. The cryptocurrency is heading towards its next resistance level with a high chance of

As of this writing, the XRP price trades at $0.57, with a 9% increase in the last 24 hours. The cryptocurrency recorded a 16% spike in the previous seven days and closely followed Bitcoin and Ethereum’s price action, which recorded a 22% and 16% profit over the same period.

XRP Price XRPUSDT Ripple Crypto

XRP Price On Its Way To Next Critical Level

According to an XRP trader on social media platform X, the token’s price exceeded the critical resistance level of $0.528. The analyst claims that there is a high chance that the XRP will rise close to $0.60 in the short term.

In that sense, the trader believes that $0.66 will operate as the next critical resistance level based on the chart below. The analyst compared the current XRP price with the 2017 bull run.

XRP Price XRPUSDT Ripple Crypto

The chart shows that during the 2017 run, XRP closed above the weekly Ichimoku Cloud, a level used to gauge critical resistance and support levels. Once the token broke above that level, it could quickly fall into new highs and price discovery.

The analyst stated the following about the XRP price and its potential to continue its run:

This is not a warning or financial advice, but I would like to share it with you and emphasize how close we are after this weekly close. It seems the weekly Ichimoku close will be above the clouds, and it only happened before the 2017 run and 2021. When it happens, it happens. Be Ready.

Crypto Market Poised For Further Highs

A report from Bitfinex Alpha corroborates the market susceptibility to “new narratives.” In particular, the potential approval of a spot Bitcoin Exchange Traded Fund (ETF) in the US.

As the XRP price and the market continue to rip higher, volatility in the sector is likely to remain high. As seen on the chart below, the crypto has been inching higher and higher with each volatility event (the potential approval of a Bitcoin ETF was the most recent.

Ripple XRP XRPUSDT XRP price

In addition, the crypto research firm points to an increase in on-chain activity, which has historically supported higher prices for the sector:

On-chain activity also continues to support the conclusion that higher volatility is here to stay and that it will grow in the coming months. Our analysis of Spent Output Age Bands (SOAB), which track the age of coins when they’re spent, and in particular the “age bands” of UTXOs that are most active, we can discern which group of investors is predominantly influencing market changes. For instance, if the UTXOs aged between three and five years show significant activity, it implies that investors who have held their positions for that time span are the primary movers in the market at that juncture.

Cover image from Unsplash, charts from Bitfinex Alpha, Dark Defender, and Tradingview

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How Ripple’s Rumored Token Burn Could Affect The XRP Price

XRP has struggled to regain bullish price momentum this month, with the crypto going on six days of red candle close last week. The XRP community appears to be feeling the effects of this lack of momentum, as speculations have begun to circulate about a potential catalyst for the next XRP price surge.

Word on the street now is that Ripple plans to burn the 41.9 billion XRP tokens they have locked up in escrow. Although this hasn’t been confirmed yet, some say this move could send the value of XRP skyrocketing.

The Potential Impact Of A Full Escrow Token Burn

Ripple, the company behind the XRP cryptocurrency, currently holds billions of XRP in escrow. As of the time of writing, Ripple has 41.9 billion XRP locked up, with 1 billion XRP released from escrow each month. This huge stockpile of XRP has led to criticism that Ripple could flood the market at any time and crash the price. 

However, rumors are swirling that Ripple may burn all of the XRP in escrow, potentially spiking up the price of XRP. If Ripple eliminated all of the escrowed XRP, it would significantly decrease the total supply of XRP and could positively impact the market price. 

The rumor was started on social media X by the account @realXRPwhale and has elicited a response from community members. Although unverified, the account posted the update of Ripple, burning the “50 BILLION $XRP.” 

While some have shown enthusiasm regarding the price effect if this happens, others have dismissed it as just a baseless rumor. 

Ripple XRP price XRPUSDT

What’s Next For XRP?

Ripple has never acknowledged or refuted rumors that it will destroy all of its tokens held in escrow, but this is not the first time that such a rumor has emerged suggesting that the technology company will do so. But the possibility of this happening is not completely out of the question, as Ripple CEO Brad Garlinghouse mentioned in a 2021 interview.

Other factors that could drive up XRP prices include major partnerships by Ripple and a clear outcome of the ongoing case with the US Security and Exchange Commission. However, one thing that’s going so well is the increased recognition of XRP after a US judge declared that the token isn’t a security. 

At the time of writing, XRP is trading at $0.4863 and is within a range as it looks to break above $0.5. According to an analyst, the price of XRP could get a boost from a blooming altcoin season if Bitcoin’s dominance continues to decline. Research has shown that October has historically seen more losses than gains for XRP.

Cover image from Unsplash, chart from Tradingview

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XRP Price Could Get A Boost, Dip In This Bitcoin Metric Suggests New Rally

The XRP price continues to trade sideways on low timeframes as the crypto market faces a spike in selling pressure. While major cryptocurrencies will likely bleed into critical support, one analyst believes there is hope for the XRP Ledger native token.

As of this writing, the XRP price trades below the critical psychological level of around $0.5 and stands at $0.47 with a 2% loss in the last 24 hours. Over the previous week, XRP was one of the worst performers, recording a 9% loss.

XRPUSDT XRP Price

Bitcoin Dominance Declines, XRP Price Will Come Out On Top?

A pseudonym analyst on social media platform X recently shared a chart showing a decline in Bitcoin Dominance (BTC.D). This metric measures the amount of the total crypto market capitalization represented by BTC.

When the Bitcoin Dominance declines, the altcoin sector benefits as the metric suggests investors could move away from the number one crypto into other assets. The analyst indicated that the BTC.D stands at a critical level, facing substantial resistance.

In that sense, the metric could return below 50% of the total crypto market cap. The last time the BTC.D stood at current levels, the XRP price rallied above two major obstacles at $0.60 and then at $0.70. The analyst stated:

$BTC.D Got to the level where the $XRP Lawsuit win news came out. This caused a big altcoin rally at the time and also marked the 2023 top so far for $BTC and many other coins.

XRP Price XRPUSDT Ripple Chart 2

Altcoin Season Looming? But Something Needs To Get Out Of The Way

According to this analysis, an altcoin season might be on the horizon for the XRP price and other similar cryptocurrencies. However, the analyst believes the US Securities and Exchange Commission (SEC) needs to decide on the spot Bitcoin Exchange Traded Fund (ETF).

The narrative around this financial product has been gaining influence on the nascent sector, and if the SEC approves it, there will be much less uncertainty around the nascent sector. In the last 24 hours, some movement has been around the spot Bitcoin ETF applications.

This movement coincides with a spike in volatility across the board and could set the stage for fresh news that will trigger the altcoin season or push the XRP price back to critical levels. On the possibility of the SEC approving the ETF, the best scenario for XRP and other token, expert Eric Balchunas said:

(…) very poss there will be a few back and forths with SEC on these small but imp details. So I would not say approval imminent but I would say the fact that issuers are in a “back and forth” w SEC on this is hugely positive IMO.

Cover image from Unsplash, chart from Tradingview