Ripple (XRP) Predicted to Soar 100% Before the Bitcoin (BTC) Halving: Details
TL;DR
- XRP’s Recent Market Performance: Ripple’s native token, XRP, experienced significant price movements earlier this year, followed by a downward trend, and is currently showing signs of recovery.
- Analysts’ Future Price Projections: Various cryptocurrency analysts and social media influencers have shared optimistic forecasts for XRP’s price, predicting substantial growth in the coming months.
- Trends in On-Chain Activity and Wallets: There has been a recent spike in XRP transactions, new account activations, and an overall growth in the number of XRP wallets over the year.
Here’s Why Ripple (XRP) Might Explode Soon
Ripple’s native token – XRP – was one of the best-performing cryptocurrencies earlier this year, with its price surging above $0.80 in mid-July. Back then, US Federal Judge Analisa Torres ruled that almost all Ripple XRP sales from years ago did not constitute an offer of investment contracts, benefiting the blockchain enterprise in its case against the United States Securities and Exchange Commission (SEC).
However, XRP could not keep the momentum, plunging below the $0.50 mark in September. The asset has shown some signs of revival since then and currently trades at around $0.62 (per CoinGecko’s data).
Despite defying bullish experts, many of whom envisioned the asset to finish the year at a significantly higher level, some remain optimistic that the token is yet to experience substantial price growth.
The popular X (Twitter) user EGRAG CRYPTO is among those. The analyst recently presented a chart, according to which XRP has taken a bullish path in the spring of this year.
Moreover, EGRAG CRYPTO envisioned a nearly 100% price surge in the next 55 days, meaning the asset could be worth around $1.20 by the end of March next year (shortly before the BTC halving, which is viewed as a major catalyst that could trigger a Bitcoin rally and positively affect the entire market). The analyst believes such a price increase is possible due to the token’s nature and performance as of late:
“XRP usually crawls like a snail until it transforms into a rocket, propelling towards its upward trajectory.”
Crypto_Barbie was far more bullish, envisioning XRP to experience a mega pump similar to the one at the end of 2017 in the remaining days of 2023. Recall that the last weeks of December 2017 were explosive for the asset, which started the month at around $0.25 and finished at approximately $2.20 (a 780% spike).
Those willing to check how Ripple’s native asset might perform in the remaining days of the ongoing year could take a look at our dedicated video below:
Taking a Closer Look at Some Vital Factors
The token’s price might indeed head north soon, considering the increase of several important on-chain metrics. According to xrpscan, the number of XRP transactions executed surpassed the two million mark on December 25 and December 26. The last time such a figure was observed was in March this year.
The number of new XRP accounts activated has also spiked substantially, exceeding 12,000 on Christmas and climbing even higher the following day.
XRP wallets have been on the rise this year, too, and are currently inching towards the 4.4 million milestone. In comparison, that number stood at around four million at the start of the year.
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