Today, the XRP price has continued its recent stagnancy, falling just 0.52%. It seems that any attempt to garner significant upward momentum is stubbed, somewhat dampening bullish end-of-year projections for Ripple.
Indeed, the week has seen just a 1% gain. With trading volume at a monthly low of $6.6 billion, XRP, like other notable altcoins, has taken a backseat.
Analyst Forecasts $1 Trillion Ripple Market Cap
Popular pseudonymous trader CrediBULL Crypto discredits the recent standstill as mere noise to a broader, highly bullish perspective. They describe the bigger picture as so “clean and bullish, it’s actually insane.”
The optimistic outlook sets the XRP price on a breakout path to a $24 valuation, answering the question of whether XRP can eventually become a $1 trillion asset, the trader says yes.
From its current position at a $137.22 billion market cap, such a valuation would represent an almost 630% advance on current prices.
However, he cautions that his analysis serves as a template for price action rather than precise timeframes and price points.
This forecast is not without its merit, though, particularly with the imminent launch of Ripple’s $RLUSD stablecoin. Something Ryan Lee, chief analyst at Bitget Research, said could significantly enhance XRP’s utility and liquidity.
“By increasing transaction volumes and demand for XRP, RLUSD may play a pivotal role in supporting price growth. Additionally, Ripple’s ongoing adoption for cross-border payments continues to bolster market sentiment,” he explained.
However, while he did credit forecasts placing an XRP price peak above $10, he cautioned that these targets “hinge largely on adoption and a resolution to regulatory hurdles.”
XRP Price Analysis: Where Will Ripple Go From Here?
A seemingly successful breakout of a flag pattern forming since late November could mark the beginning of CrediBULL Crypto’s vision for XRP.
This pattern sets an XRP price target of $3.43, representing a 45% advance on current prices and a notable leap towards the asset’s previous high of $3.84.
While the initial breakout has experienced subdued momentum, the $2.5571 support level appears to be holding strong. However, if this support level is lost, there might be a retest of the pattern’s upper resistance trendline to confirm the breakout.
This scenario seems credible considering the Relative Strength Index (RSI) is in bearish territory just below neutral, and the MACD line remains below the signal line. Both indicators suggest that bears retain control over the XRP price.
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The post Trader Predicts $1 Trillion XRP Market Cap – Is a 500% Surge Just the Beginning? appeared first on Cryptonews.
This articles is written by : Fady Askharoun Samy Askharoun
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