XRP On The Rise: Could It Hit $3 By Christmas?
XRP Rekindles Bullish Sentiment
XRP, the cryptocurrency associated with Ripple, is making headlines once again, riding a wave of positive sentiment in the crypto market. Last week saw steady gains, culminating in a significant surge over the weekend, pushing the token up by an impressive 13%. This jump propelled XRP to a six-month high, climbing from $0.5889 to $0.6622.
The crypto community is abuzz with excitement, speculating whether this rally is just the beginning for Ripple’s native currency. While the broader crypto market has experienced a slight cooldown, XRP’s momentum has caught the attention of investors and traders alike.
Despite a minor pullback, XRP remains strong, trading at $0.6518 at the time of writing. Cryptocurrency analysis tool CoinCodex forecasts a bullish trajectory for XRP, predicting a 19.60% gain in the coming quarter. This optimistic outlook, reflecting growing market confidence in the token, suggests XRP could reach $0.743019 by October 31, 2024.
Experts Predict Significant Price Action for XRP
Renowned trader Anup Dhungana has fueled the excitement, stating that XRP is poised for major price movements in the coming months. On X (formerly Twitter), he declared his belief that XRP is primed for a substantial breakout.
Big things could be happening for $XRP soon!👀
#XRPHolders https://t.co/XHAaVRwXwB pic.twitter.com/QM7ChskTNv— Anup Dhungana (@CryptoAnup) September 29, 2024
Based on Dhungana’s research, the coin could potentially reach the $3 mark in the midterm—a price level XRP hasn’t seen in nearly seven years. Other experts share Dhungana’s enthusiasm, predicting XRP will hit $3 before Christmas. For this to happen, the token would need to skyrocket by 360% from its current value. Some analysts believe that $3 might not be the peak but a new floor for further upward momentum in 2025.
Technical Analysis Supports XRP’s Forecast
Technical analysis supports XRP’s bullish forecast. CoinCodex predicts a 20% growth by October, adding weight to the positive outlook. XRP has recorded 16 green days out of 30 in the last month, showcasing strong momentum. With a Fear & Greed Index of 50, indicating a neutral market sentiment, there is potential for more consistent growth as the market navigates its current state.
Furthermore, XRP’s price volatility over the past 30 days has been relatively low at 4.80%. This presents traders with opportunities to capitalize on slight price fluctuations. The combination of moderate volatility and growing market confidence points towards a positive outlook for long-term developments.