XRP on the Verge: Anticipating a Possible Record-Breaking Price Rally
In Brief
XRP is set for a historic price jump, with a bullish triangle formation indicating increased demand and a potential historic surge.
XRP, a crypto industry favorite, has once again captured the headlines as it prepares for a price jump that could be the biggest in its history. Following a major victory that boosted the asset, XRP’s recent surge has caught the attention of the entire market, contributing to its daily trading volume of +$1B.
A bullish triangle formation is set to appear on XRP’s chart, fueling the optimistic fire around the cryptocurrency. Usually, this technical pattern—trend lines coming together within an uptrend—means that the crypto is set for a big jump. This is a clear sign that demand is on the rise, and XRP has a solid chance for soaring beyond the top trend line, leading to a historic surge.
But how did this happen? And how far will it go?
Solid Victory Against the SEC
The price of XRP could go up because of both market movement and structural reasons, such as Ripple’s current court battle with SEC, which has so far ended in the crypto platform’s favor. The court’s ruling was a success for the firm, as it reduced the chance that XRP would be labeled as security and set the stage for the altcoin’s potential future appreciation in value.
Not a complete win, but the court stated that selling Ripple’s XRP tokens on platforms and via algorithms did not qualify as investment contracts. On the other hand, selling the tokens to institutions broke the government’s securities laws.
Conotoxia’s prominent analyst, Grzegorz Drozdz, predicted that XRP’s value may rise soon after the partial settlement of the issue with the SEC. This court fight has had a big effect on XRP’s price, and investors and the crypto community as a whole are keeping a close eye on what happens.
But Drozdz adds a word of warning. “The dispute is still fully resolved.” Even though recent events are positive, we can’t say for sure what will happen with XRP in the future.
Crypto YouTuber Nick Valdez also believes that even though prices have gone up a lot, this may only be a short-term boost. The court said that XRP sales to individual buyers did not break any securities laws. The SEC tried to appeal the ruling but failed.
But, the opinion among opinion leaders is vastly divided.
A Giant Leap to $8?
“Lucky Chart Ape,” a prominent crypto analyst, stated that traders need to open several long positions on the asset, and if they don’t, they will only “have themselves to blame.”
The well-known and respected analyst recently wrote on X that the market’s attitude towards XRP in the coming six months could have a big effect on their finances. The expert specifically said that people who trade XRP could get “life-changing” profits from it before the end of 2024.
He told the current market players that they will “mess up” if they don’t open and hold their long positions until the $8 mark. This shows that the expert thinks XRP will have a record run before the end of the year, possibly reaching a new high point at $8.
How Will It Get to $8?
Even though Lucky Chart Ape was positive about XRP, he didn’t explain why he thought it would soar so high over the next few months. After reading this, people have continued to wonder how exactly XRP could reach $8.
Others tried to fill in the blanks by saying that XRP’s price rise usually happens near the end of an uptrend when it typically catches up to ETH’s market cap. They believe that if this trend happens again, XRP’s value could go up between $8 and $9.
It’s interesting that historical data also support this theory. Soon after the 2016–2017 cycle ended, Bitcoin and other coins hit peak levels, and XRP began to rise. In just under four weeks, the price of XRP went from about $0.25 in Dec 2017 to $3.80 in Jan 2018.
It was during this surge that XRP’s market cap surpassed Ethereum’s. Proponents of this theory basically want XRP to repeat this surge and maybe even hit $8.
This optimistic view is also backed by the work of another expert. Amonyx, an analyst, said that XRP is getting ready for a big price jump and has made a symmetric triangle pattern. This trend is a standard model that shows up before big price changes. Amonyx said that XRP has been settling in this direction for a while and is now getting close to the top of it, which means that a rise is likely.
What Does This Mean for XRP?
For now, though, what does this mean for how the price of XRP will change? The fact that volume is going up suggests that people are becoming more interested in XRP. This might happen because of a change in the institutional interest rate market’s mood or because big buyers are making big trades.
When volume goes up, more people generally join the market, either to buy or sell. For XRP, this could mean that buyers are getting ready for a shift in the future, which could be based on speculation or on recent movements in the crypto market. A study of the on-chain statistics shows that XRP’s market cap dominance is still low, even though the volume has gone up. It is currently at 1.57%.
This shows that even though XRP trade is picking up, it hasn’t yet caused a big change in its place on the market compared to other cryptocurrencies. More than that, the volatility map shows that XRP is more unpredictable now than it has been in a few months.
Some experts think this means the market is about to make a big move, either up or down. Because of these things, the short-term future of XRP may be very interesting. There could be a big rise in XRP price if the present trading volume spike leads to a break above key support levels. But if this market movement stops, the high volatility could lead to a sharp drop, especially if buyers decide to cash out on the recent rise.
Disclaimer
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About The Author
Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
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Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
