Can XRP Trade Above $1 in the Next Bull Run?

Sahana Kiran
Source – Coinpedia

XRP has been a prominent player in the crypto market, showcasing remarkable resilience and growth that has caught the attention of numerous market participants. Over the last 24 hours, XRP witnessed a trading volume exceeding $2 billion. This signifies an astounding 160% surge when compared to recent data.

This surge in trading activity, combined with XRP’s ascent to $0.58 within the past day, is propelling the cryptocurrency into bullish territory. This is even in the absence of a significant legal development related to the ongoing U.S. court case.

XRP enthusiasts are currently speculating about the cryptocurrency's trajectory in the forthcoming bull run market.

XRP enthusiasts, often referred to as the “XRP Army,” are currently speculating about the cryptocurrency’s trajectory in the forthcoming bull run market, unaffected by the influence of the U.S. regulatory body. Notably, analysts utilizing technical tools like the Elliott Wave pattern have put forth bold predictions. Dark Defender, a respected chartist, proposes that the asset could potentially rally to $13 or even $18. This outlook is echoed by other analysts, with EGRAG, for instance, envisioning an audacious figure of $27.

Nonetheless, a more sanguine scenario emerges when considering the cumulative data encompassing XRP’s sustained accumulation phase spanning over 68 months. Experts contend that the ultimate rally could reach an impressive $90. What underlies all these forecasts is the consensus that the asset is poised to breach double-digit values, surpassing its all-time high.

Also Read: Ripple (XRP) Price Prediction: November 2023

$15 Million Worth of Tokens on the Move

Another factor influencing the XRP market recently has been a significant transfer of 26.7 million tokens. This is worth nearly $15 million, according to the Bitstamp exchange. This transaction has sparked speculation regarding its potential impact on price trends. Despite this substantial transfer, the asset has demonstrated robust trading activity.

Also Read: XRP Price Prediction: November 1, 2023

In summary, XRP’s recent performance and the absence of a conclusive legal verdict indicate its potential to attain new highs. With various analysts and enthusiasts expressing optimism for the altcoin’s future, it remains a cryptocurrency that warrants close monitoring as the market continues to evolve.