TL;DR
- Despite recent declines, one analyst predict a possible XRP breakout to $7.50 by the end of 2024.
- Increasing XRP transactions, new account activations, and payment volumes suggest heightened demand and user engagement, potentially adding upward price pressure.
XRP Breakout Coming Soon?
The cryptocurrency market has been booming in the past few days, with Bitcoin (BTC) briefly soaring above $71,000 and Dogecoin (DOGE) skyrocketing to a five-month high of almost $0.17.
However, some assets, like Ripple’s XRP, have not caught the green wave. It currently trades at around $0.52, representing a weekly decline of 4%.
Its poor performance could be linked to the fresh doze of uncertainty triggered by the prolonged lawsuit between Ripple and the US Securities and Exchange Commission (SEC). Recall that the agency officially appealed a 2023 verdict set by Judge Torres (which ruled that the company’s XRP sales to retail investors on crypto exchanges did not violate securities laws).
Despite this, numerous analysts predict that the asset’s valuation could explode soon. One example is the X user EGRAG CRYPTO, who envisioned a breakout to as high as $7.50 before the end of 2024. The crypto enthusiast added that such a rally would only be possible if XRP surpasses the resistance level of $0.5930 in the next two days.
Dark Defender also gave their two cents. The analyst claimed that the XRP bull run usually starts when Bitcoin’s (BTC) dominance is in decline.
When #bitcoin dominance is in decline:$XRP Bull Run Starts.
It was the case in 2017 & 2021.
The story 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 on the rise lately, reaching almost 60%.
XRP Metrics on the Rise
The resurgence of numerous XRP-related indicators suggests that the asset’s price may indeed be poised for an uptick. Data shows that the number of executed transactions, the number of newly activated accounts, and the XRP payment volume (from one account to another) headed north on October 28.
The metric’s increase generally indicates heightened demand and user engagement, which can lead to upward pressure on the token’s price. It can also be seen as a sign of confidence, driving more investors into the ecosystem and, hence, a flow of fresh capital.
