Markets
Ripple’s XRP Price Rises to $10 Looks Likely in This Scenario Amid $3 Trillion XRP Market Outlook ⋆ ZyCrypto
XRP, the seventh largest cryptocurrency by market capitalization, has gone through a period of sideways trading, with limited volatility in recent months.
This comes at a time when the cryptocurrency market is seeing a surge of interest, particularly with the rise of meme coins Dogemoneta, which has surpassed industry stalwarts like Cardano. Despite the current calm, experts predict a significant recovery for XRP in the second half of 2024.
In a recent post on X, analyst Egrag Crypto highlighted the potential for a notable increase in XRP’s market capitalization before the end of the year.
“Once the XRP (MC) market cap takes off from ‘The White Channel,’ we will see a moonshot to a $3 trillion market cap. The midpoint of the channel is $100 billion and the high end reaches $287 billion. This is where XRP MC will move like a rocket!” The expert wrote, urging the XRP community to be ready.
On the other hand, Matthew Dixon, CEO of cryptocurrency investment firm Evai, said he expects a slight pullback before a substantial C-wave rally, warning about the pre-terminal nature of triangle patterns in technical analysis.
“The XRP rally correlates with solid positivity in most cryptocurrencies. But if the triangle interpretation is correct, remember, triangles are pre-terminal waves followed by an aggressive terminal push (C wave).” He declared.
After analyzing a triangle pattern, analyst “JacktheRippler” expected the end of XRP’s accumulation phase, suggesting a price rise to $5-$10 for XRP. Such an increase 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, marking the largest token sale in seven years. Given that Ripple holds significant reserves of XRP, including $40.1 billion in escrow, the ongoing sell-offs could have a negative impact on price movements.
Furthermore, the persistent legal battle with the U.S. 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 is not a security, a potential settlement later this year could boost the cryptocurrency’s value.
At the time of writing, XRP was trading at $0.5195, reflecting a modest gain of 1.26% over the past 24 hours. However, over the same period, trading volume increased by 61.54%, indicating renewed interest in the cryptocurrency despite the current price stagnation.