Ripple CTO David Schwartz sparked speculation among XRP enthusiasts with a tweet about “10x times.”
Analysts identified $2.20 as XRP’s critical level and warned of possible declines if support is not maintained.
In a recent tweet, Ripple’s Chief Technology Officer (CTO), David Schwartz, stirred discussions among XRP enthusiasts. The post was made shortly after the XRP token saw a 13% price jump over the weekend and the use of the term ‘10x times’.
Schwartz posted an image showing a product that reads “Pre-Mix Bubble Solution” and boasts of having “10x more bubbles.” The grammatical redundancy in the label caught the attention of the XRP community. Most people saw the tweet as a potential signal of what is to come for XRP.
The term “10x times” was a subject of great discussion among XRP holders. Some suggested that the tweet might mean that the token would be worth $10, others saw it as an open-ended remark. The timing of the tweet also came in line with an XRP price movement, which only added to the speculation.
🔸Ripple Executes Major XRP Transfers
Over the weekend, Ripple processed two large XRP transactions worth 90 million tokens in total. Blockchain tracker Whale Alert recorded the transactions at a value of about $200 million.
The first transfer was 50 million XRP for $111.7 million, while the second transfer was 40 million XRP for $89.7 million. The two transactions happened in the same minute. However, the recipients of these transfers have not been undisclosed.
Whale Alert also noted multiple other large XRP transactions, including an XRP transaction of 182 million tokens valued at $411 million in fiat. These movements show that the XRP network is very active, especially with traders and investors in the market.
🔸Key Price Levels and Market Predictions
$2.20 is a critical level for XRP. Martinez noted that the token may find support at this level before trying to breach the $2.70 barrier. Nonetheless, it is possible to drop to $1.96 if this level is not sustained.
The XRP token has been most exciting, as it has gained more than 250% in the last three months alone. EGRAG, a well-known trader in the crypto sphere, posted an analysis of the situation that may lead to a price surge to $8. According to the Ripple CEO, the forecast is based on the total market cap of the cryptocurrency market hitting $5 trillion.
As of this writing, XRP has a market capitalization of $126 billion while taking up 2% of the $3.36 trillion crypto market. According to EGRAG XRP, it could regain its previous market dominance of 10% based on price predictions for 2017 and 2021.
The recent US election has boosted Ripple’s legal fight against the SEC. According to analysts, the controversy might end once a new SEC chairperson, Paul Atkins, takes over. Such a resolution can be a turning point for XRP and the cryptocurrency market.
Since Donald Trump’s victory in the recent election, the price of XRP has gone up by 300%. Some of the asset managers that have applied for spot XRP ETFs include Bitwise, 21Shares, and WisdomTree, which shows increasing interest. A positive decision in court would be useful to strengthen the market’s confidence and further develop XRP.
