Analysts Predict Ripple Bull Runs Soon, How High Can XRP Price Go?

TL;DR

XRP surged 10% in a week, boosted by newfound confidence in Ripple from Grayscale and a possible re-entry of Robinhood. While some see a bullish trend, others predict the token could disappear “soon.” XRP’s next potential move

Ripple’s XRP has seen a 10% price increase in the past week, making it the best performing cryptocurrency on the top 20 list. It currently stands at around $0.58 (according to CoinGecko data), while its daily trading volume (approximately $1.2 billion) exceeds that of the top-ranked Binance Coin (BNB).

XRP Price, Source: CoinGecko

The main factor driving XRP’s rally lately is Grayscale’s decision to introduce a dedicated Ripple trust. The investment vehicle allows users to have direct exposure to cryptocurrency without the need to purchase and store it.

Another factor could be increased rumors that Robinhood has re-listed the asset on its platform. In fact, the company’s official website shows that XRP is indeed among the supported tokens.

One of the XRP bulls is popular crypto enthusiast Ben Armstrong, better known as “BitBoy”.

Altcoins will break soon

To see:$ONDO $ GRT$FLOKI$PYTH$XRP

— BitBoy (@BenArmstrongsX) September 16, 2024

Many others remain optimistic that XRP could be on the verge of a bull run. X user Cryptoinsightuk predicted a 14% rise to $0.66 in the near-term, stating that liquidity has “built up”.

Mikybull Crypto has also joined. In his opinion, the XRP price pattern has formed a specific triangular shape, which could be followed by an exponential rise in the near future. “It’s one of the most bullish macros out there,” the trader argued.

CrediBULL Crypto outlined a similar thesis, maintaining that “the nearly 7-year compression will soon come to an end.” The analyst called the development “the mother of all bull flags”, and predicted a “legendary” rally.

Awaiting developments in the Ripple lawsuit against the SEC

Another major factor that could cause additional volatility for XRP is the next step in the legal battle between Ripple and the US Securities and Exchange Commission.

The case reached a major milestone last month when Judge Torres ordered the company to pay $125 million for violating certain securities laws. While the sum sounds substantial, it actually represents just a fraction of the regulator’s initial request of billions.

Both sides have until early October to appeal, and it will be interesting to see if this move will cause significant ups and downs in the price of XRP. Ripple has already agreed to court terms, meaning the ball is in the SEC’s court.

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