TL;DR
- Ripple’s XRP has gained around 80% since January, possibly attributed to partial legal victories against the US SEC, with current trading at approximately $0.61.
- Analysts predict a significant price increase for XRP, with projections up to $25 by the end of 2024 based on a “bull-flag” pattern.
- A notable increase in XRP transactions, reaching a 5-month high, supports the potential for a price rally.
XRP Gearing up for a 4,000% Price Explosion?
The revival of the cryptocurrency industry throughout 2023 has reached its peak in the past few days, with numerous digital assets tapping yearly-high prices. Bitcoin (BTC), for example, hit $42,000 for the first time since the spring of 2022, whereas Ether (ETH) surpassed the $2,200 mark.
Ripple’s native token – XRP – has not been among the best performers as of late, but it has charted substantial gains since the beginning of the year. The company’s partial legal success against the US Securities and Exchange Commission and other vital factors are among the possible reasons why the coin has surged around 80% since January 1.
XRP currently trades at approximately $0.61, with multiple experts arguing that the asset’s valuation might skyrocket soon. Such an example is the one using the handle Fiery Trading.
The analyst presented a chart according to which XRP has formed a “bull-flag” and is ready to explode to $25 by the end of next year:
“This huge pattern will explode at some point in 2024, with the most likely move being a bullish one with the halving in mind. My target for the break out is placed at $25.”
Another individual who believes that XRP has formed a “bull-flag” and is on the verge of a price explosion is the analyst behind the popular YouTube channel CryptoTV. He thinks the coin could “easily” ascend to $0.83 in the short term and chart more impressive gains in the long run.
Those willing to find out how XRP might perform in the remaining weeks of the ongoing year could take a look at our dedicated video below:
This XRP Metric Spikes to a 5-Month High
One indicator hinting that a rally for Ripple’s coin could be in the cards is the rising number of XRP transactions. The metric stopped at 1.38 million on December 4, the last time reaching that peak in mid-July. Around 95% of those transactions were successfully executed.
The total number of XRP wallets has also been on a rise this year, with the figure currently standing at almost 4.9 million. In comparison, there were approximately 4.5 million such addresses at the beginning of 2023.
The post Is Ripple (XRP) on the Verge of a Bull Run? These Analysts Chip in appeared first on CryptoPotato.
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