TL;DR
Despite the recent decline, one analyst predicts that XRP could breakout to $7.50 by the end of 2024. Increased XRP trading, new account activations, and payment amounts suggest growing demand and user engagement, which could increase upward price pressure.
Is XRP breakout coming soon?
The crypto market has been booming in recent days, with Bitcoin (BTC) at one point soaring above $71,000 and Dogecoin (DOGE) soaring to a five-month high of about $0.17.
However, some assets such as Ripple’s XRP are not riding the green wave. It is currently trading at around $0.52, a weekly decline of 4%.
XRP price, source: CoinGecko
The company’s poor performance may be related to new uncertainties caused by the long-running litigation between Ripple and the US Securities and Exchange Commission (SEC). Recall that the agency formally appealed Judge Torres’ 2023 ruling that ruled that the company’s sales of XRP to retail investors on cryptocurrency exchanges did not violate securities laws. .
Nevertheless, many analysts predict that the asset’s valuation could soon explode. As an example, X user EGRAG CRYPTO envisioned a breakout to $7.50 by the end of 2024. The crypto enthusiast added that such a rally would only be possible if XRP crosses the resistance level of $0.5930 in the next two days.
Dark Defender also contributed his two cents. The analyst argued that XRP bull markets typically begin when Bitcoin (BTC)’s dominance declines.
when #bitcoin Advantage is declining:$XRP The bull run begins.
The same was true in 2017 and 2021.
The story repeats itself.
A quick explanation of how XRP works. pic.twitter.com/xMQAJEgohX
— Dark Defender (@DefendDark) October 28, 2024
It is worth noting that BTC’s dominance has increased recently, reaching almost 60%.
XRP metrics on the rise
The resurgence of a number of XRP-related indicators suggests that the asset price may actually be poised to rise. The data shows that the number of transactions performed, the number of newly activated accounts, and the amount of XRP payments (from one account to another) headed north on October 28th.
An increase in this metric generally indicates increased demand and user engagement, which can lead to upward pressure on the token price. You could also think that this is a sign of confidence and will attract more investors into the ecosystem, thereby creating new capital flows.
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