Explosive Ripple (XRP) Price Prediction: New ATH Coming? (Analyst)

TL;DR

Despite the recent declines, one analyst predicts a possible breakout of XRP to $7.50 by the end of 2024. The increase in XRP transactions, new account activations and payment volumes suggest greater user demand and engagement, which could increase price pressure.

XRP Breakout Coming Soon?

The cryptocurrency market has been booming in recent days, with Bitcoin (BTC) briefly soaring above $71,000 and Dogecoin (DOGE) soaring to a five-month high of nearly $0.17.

However, some assets, such as Ripple’s XRP, have not caught the green wave. It is currently trading around $0.52, which represents a weekly decline of 4%.

XRP Price, Source: CoinGecko

Its poor performance could be related to the new dormant uncertainty triggered by the protracted lawsuit between Ripple and the US Securities and Exchange Commission (SEC). Recall that the agency officially appealed a 2023 verdict established by Judge Torres (which ruled that the company’s sales of XRP to retail investors on crypto exchanges did not violate securities laws).

Despite this, many analysts predict that the asset’s valuation could explode soon. An example is user X EGRAG CRYPTO, who predicted a break up to $7.50 before the end of 2024. The crypto enthusiast added that such a rally would only be possible if XRP breaks the resistance level of 0 .5930 dollars in the next two days.

Dark Defender also gave his two cents. The analyst stated that the XRP bull run usually starts when the dominance of Bitcoin (BTC) is in decline.

when #bitcoin domain is in decline:$XRP The bull run begins.

This was the case in 2017 and 2021.

History repeats itself:

XRP Run in a nutshell. pic.twitter.com/xMQAJEgohX

— Dark Defender (@DefendDark) October 28, 2024

It is worth noting that BTC’s dominance has been increasing lately, reaching almost 60%.

XRP metrics are on the rise

The resurgence of numerous XRP-related indicators suggests that the asset’s price may be poised for a surge. The data shows that the number of executed transactions, the number of newly activated accounts, and the volume of XRP payments (from one account to another) headed north on October 28.

An increase in the metric generally indicates increased user demand and engagement, which can put upward pressure on the token price. It can also be seen as a sign of confidence, driving more investors into the ecosystem and thus a flow of fresh capital.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!