As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of bull runs and bear markets. However, the recent surge in XRP‘s price has caught my attention, particularly due to the optimistic predictions by BarriC.
Based on information from CoinMarketCap, XRP experienced a 15.57% increase in the last 24 hours and concluded an impressive week-long price surge. Interestingly, while Bitcoin was moving towards the $90,000 mark, XRP stood out as one of the top weekly performers with a 60.76% price hike.
After this price spike, an analyst named BarriC from X offered some intriguing forecasts about XRP’s future trajectory.
XRP To Reach $10 In Bull Market, But There’s More
On November 15, BarriC shared a blog post about XRP, providing various price predictions under specific circumstances. Initially, the analyst predicted that if a cryptocurrency bull market occurs, XRP could reach a price ranging from $6 to $10. This would signify a potential increase of at least 500% on the current token value.
BarriC’s lofty expectations aren’t unusual given several reasons, notably the expectation of a pro-crypto administration in the U.S., following Donald Trump’s recent election win.
The significance of a Republican President adhering to his campaign promises regarding cryptocurrencies, such as XRP, could potentially mark the conclusion of the ongoing dispute between Ripple and the Securities and Exchange Commission (SEC). This resolution might put an end to the lingering regulatory uncertainties surrounding the token.
Furthermore, Trump’s presidency potentially makes it easier for the XRP spot ETF to be approved by the SEC, as there may be fewer regulatory obstacles for crypto-linked securities during this period. If approved, investment analyst BarriC suggests that an XRP spot ETF could push the altcoin’s market price up to $15-$20 if it happens during a bull market rally.
Moreover, the analyst delves into a scenario where the altcoin is utilized extensively in cross-border transactions and serves as a bridge currency for banks, particularly institutions. If this anticipated ‘use case’ adoption of XRP materializes globally at levels of X, BarriC predicts that the altcoin could reach a minimum price of $100.
Market Whales Boost Holdings By 320 Million XRP
As an analyst, I’ve noticed that in the past 72 hours, I’ve seen whales in the XRP market amass over 320 million XRP, which is currently valued at approximately $285 million, following the token’s recent price escalation. The coin climbed from around $0.69 to a local high of $0.92 as speculation about Gary Gensler’s resignation as SEC chairman swirled through various media outlets.
As a crypto investor, I’ve noticed a small dip of 1.2% in the price of this altcoin over the past hour. However, the enormous buy-in from whales suggests faith in the asset for future gains. At present, XRP is trading at approximately 0.89 cents and boasts a market capitalization above $50 billion. Simultaneously, the trading volume has surged by 24.71%, reaching a value of around $11.75 billion.
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2024-11-17 00:04