Recent data shows that XRP is experiencing significant price fluctuations, with investors and analysts speculating about its potential trajectory in the coming days.
According to Changelly, XRP is expected to jump significantly by 32.26% on October 12, 2024, with the price expected to rise to $0.700707. This bullish momentum is expected to continue until October 13th, with the token expected to further rise to $0.711876, marking a 34.36% gain.
However, the XRP price is expected to undergo a sharp correction on October 14th, dropping to $0.617867, but still maintaining an increase of 16.62%.
Weekend XRP Outlook: Bulls vs. Bears
Despite the recent volatility, XRP is currently trading at $0.52, showing a decline in price over the past 24 hours. XRP maintains its position as the seventh largest cryptocurrency with a market capitalization of $29.7 billion and trading volume of $1.36 billion.
The upcoming weekend presents mixed signals for XRP. Coincodex reports that the current price forecast sentiment for XRP is bearish, with the Fear & Greed Index at 39, indicating “fear” in the market.
XRP is trading well below its all-time high of $3.92 on January 4, 2018. However, it remains well above the cycle low of $0.113268, suggesting upside potential.
With 56.56 billion XRP out of the maximum 100 billion XRP in circulation and an annual inflation rate of 5.95%, the token scarcity factor can influence price fluctuations.
As traders and investors gear up for the weekend, a key question remains: Will XRP be able to regain the momentum seen earlier this week, or will bearish sentiment prevail?
Technical analysts are closely monitoring key resistance levels, with many pointing to the $0.70 mark as a key threshold. A sustained break above this level could reignite bullish sentiment and push XRP toward the $0.80 to $0.90 range.
