Ripple’s price has been mostly flat in recent months. However, its value has jumped by a noteworthy 5% in the past day, inspiring hope. After this increase, the Ripple community has been left wondering if its price can maintain its momentum and rally soon. Analysts also paint a good picture for the token, being highly optimistic. Looking at its current performance, XRP might rise to $3.92 or drop to $0.20 before the end of the year. Which will it be?
Bullish Factors in Favor of Ripple (XRP)
Though XRP has barely increased, multiple positive signals point to a possible recovery. One of the most significant changes is the increasing activity among whales. On-chain data has lately indicated an increase in substantial XRP transactions, suggesting that big investors are collecting XRP. This shows that they may be anticipating a price rally. This type of purchase can also increase buying pressure, especially if it corresponds with a more general market recovery. The latest updates in the XRP Ledger, such as the addition of the RLUSD stablecoin, have also been a bullish point for Ripple. Ripple’s stablecoin’s ability to power more transactions and appeal to users across other networks, like Ethereum, can also increase demand. This increased utility positions Ripple to benefit from any general market uptrend or increased stablecoin adoption, potentially boosting XRP’s value. Analysts like Brett and Dark Defender have also voiced optimism about XRP’s price movement. Dark Defender, for example, highlighted that XRP’s daily chart looks oversold. According to him, if XRP does not drop below the resistance level as it has before, its price might rebound to $0.60 or $0.66 soon. This would eventually lead to a rally. Having risen 5% over the past day, XRP is trading at $0.54 right now. Should it sustain its upward momentum, the token could experience more upsides.
Can XRP Rally to $3.92 or Fall to $0.20?
Although these encouraging factors point to a more favorable future, XRP does not currently have enough momentum to climb to $3.92. The token trades presently below important moving averages, including the 50 and 100 EMAs. This indicates that it has not acquired sufficient momentum for a noteworthy breakthrough.Furthermore, the continuous drop in trading volume implies low investor interest, which lowers the possibility of a quick price increase. However, XRP might gain if it can remain above $0.52. The bulls can push for a massive surge before the year finishes, possibly reaching $3.92 in 2024. On the other hand, a decline to $0.20 seems improbable. If whale activities increase and Ripple’s ecosystem growth fuels investors’ confidence, XRP price will see a significant boost. Also, Donald Trump’s election win, which will eventually favor the general crypto market, could spell good news for XRP. This win is significant because his leadership will likely lead to the sacking of the SEC chairman, sparking hope of better regulations that could ease Ripple’s legal challenges. If these factors play out, XRP could validate the bullish predictions.
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