Here’s Why XRP Price Can Rally To $6 Despite Recent Dip

by

As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous market cycles and learned to read between the lines. In the case of XRP, the recent dip should not be seen as an ominous sign but rather as an opportunity for savvy investors.

Today, XRP’s price has dropped approximately 6% due to the downcast trading environment observed across the cryptocurrency market. This latest drop has sparked debate among investors regarding the possible cause for this reversal. Nevertheless, despite the current market fluctuations, analysts continue to express positivity about the future course of Ripple‘s digital currency.

Here, we delve into several compelling arguments that might lead to a resurgence and potential surge in the value of cryptocurrencies.

Why Is XRP Price Poised To Rally Ahead?

A surge of market patterns suggests that the price of XRP is preparing for additional growth in the upcoming days. To provide some context, the recent debut of Ripple’s stablecoin RLUSD has sparked market enthusiasm. Furthermore, this launch hints at a possible move towards a more crypto-friendly regulatory landscape in the U.S., strengthening investor trust.

With Donald Trump vowing to establish the U.S. as a leading hub for cryptocurrencies, market enthusiasm continues to soar. Furthermore, this promise has sparked expectations of a promising future for digital currencies issued by American companies such as XRP from Ripple, HBAR from Hedera, ADA from Cardano, and others.

From my perspective as a researcher, I’ve observed a surge of optimism surrounding the imminent launch of an XRP ETF. This enthusiasm is particularly significant given the global attention Bitcoin has garnered following the debut of a US Spot Bitcoin ETF in January 2024. If an equivalent investment instrument materializes for Ripple’s native coin, it could potentially ignite a substantial surge in the cryptocurrency market.

Recently, Eric Balchunas from Bloomberg has sparked enthusiasm with his forecasts about crypto ETFs. He stated that a surge of cryptocurrency ETFs could be coming as early as next year. Among the potential candidates for an ETF launch in 2025, he mentioned Litecoin, HBAR, XRP, and Solana, backing up his claims with compelling reasons.

What’s More?

As a researcher, I’ve been observing the fluctuations in XRP’s price and noticed that it’s been under significant stress recently, primarily due to regulatory pressure and the ongoing legal battle with the SEC. However, the election of Donald Trump has sparked optimism among crypto enthusiasts about a potentially favorable regulatory landscape in the United States for cryptocurrencies. Additionally, the recent announcement of Gary Gensler’s resignation as Chair of the US SEC in January has added to the positive sentiments surrounding XRP.

As an analyst, I’ve taken note of the recent statement made by Fox Journalist Eleanor Terret: the US Senate Banking Committee will not reappoint SEC Commissioner Caroline Crenshaw to her post. This news, particularly among crypto enthusiasts, is seen as a positive development since Crenshaw has been perceived as an anti-crypto regulator, much like Gary Gensler. Consequently, this latest report from Terrett seems to have fueled optimism within the cryptocurrency market.

Conversely, the market’s optimism persisted, shown in the latest Ripple transactions by large investors or ‘whales.’ These whales seem to be on a shopping spree, as they acquired over 830 million coins earlier this week, and more recently, crypto expert Ali Martinez reported that these big investors purchased an extra 30 million XRP.

Will Ripple’s Native Crypto Hit $6 Ahead?

Today, the price of XRP dropped approximately 6%, landing at $2.53 per unit. The daily trading volume also decreased by 12.32% to reach $15.95 billion. Interestingly, XRP reached a peak of $2.67 within the last 24 hours, and it has seen a substantial increase of 125% over the past month. However, the interest in XRP Futures contracts dropped by around 11%, reflecting a downcast feeling permeating throughout the broader cryptocurrency market.

Currently, a drop in Bitcoin and major altcoin prices suggests investors are holding back, likely waiting for the US Federal Open Market Committee’s (FOMC) meeting later today. Furthermore, this market pause might be accompanied by increased pressure on altcoins in the near future, as indicated by certain performance indices. Additionally, Arthur Hayes has forecasted a possible crypto market crash, sparking debates within the market.

Regardless, it seems that market experts continue to be optimistic. With the presence of whale activity and other favorable market indicators, a leading market expert anticipates a possible XRP surge to $6 within the near future.

Market analyst Dark Defender stated that “XRP doesn’t conform to general news trends but instead adheres to its unique pattern,” indicating his strong belief in the currency. Furthermore, he forecasted a possible adjustment in the market, adding more buzz to the ongoing debates about XRP.

In another analysis, Dark Defender pointed out that XRP may experience a dip and then stabilize within approximately $2.42 to $2.52. After surpassing the vital $2.52 mark, it could potentially aim for $2.92 next. Subsequently, it might keep climbing toward $3.43. When it reaches this point, XRP is expected to reach $5.85, as per the analyst’s assessment, which has stirred up market enthusiasm.

Read More

2024-12-18 17:21