Meanwhile, XRP, the cryptocurrency connected with blockchain payment company Ripple, is exploding in price. It has gone as high as $3.61, for an incredible weekly increase of more than 21%. This price movement has sparked new hope and speculation about what’s next. Analysts are calling attention to historical trends and possible ETF moves to predict more gains.
A new signal of a historical analysis has emerged. It evokes a similar recently past event that led to appreciation of as much as 630% for XRP. If this trend plays out again, XRP’s price might rise to about $22.
Further fueling the bullish sentiment, XRP-based Exchange Traded Funds (ETFs) are now reportedly under consideration. If XRP ETFs attract a substantial portion of the capital flowing into Bitcoin ETFs, analysts predict a dramatic rise in XRP's value.
As if bullish sentiment wasn’t already raging, noted trader Peter Brandt spotted a bullish continuation pattern on XRP’s chart. Longtime cryptocurrency trader Ali Martinez has noticed evidence of a “golden cross” in XRP’s Market Value to Realized Value (MVRV) ratio. This particular technical indicator is generally viewed as a bullish sign by traders.
Using an ETF-driven base case, we believe XRP would be able to gain approximately 35% of the Bitcoin ETF flows. If that occurs, its value may shoot up to $29.89. This forecast is contingent on timely regulatory approval and considerable institutional demand for XRP-based investment vehicles. Token Metrics has chimed in, issuing its own prediction regarding the estimated price surge XRP could see.
As per our XRP price prediction, XRP price may cross $4.47 in short-term. This would be a roughly 24% boost over its existing baselines.
Before you start buying XRP, it’s vital to understand that all this price action is dependent on a few specific factors. These are regulatory approval as well as the amount of institutional interest it is able to attract.
