XRP Price Is About to Boom, Here Is Why?

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As a seasoned crypto analyst with over a decade of experience in this volatile market, I have witnessed many bull and bear runs, and I must say, the current surge in the global trading volume is truly impressive. However, when it comes to the XRP token, my gut feeling tells me that it’s about to boom soon.

Over the past several days, the cryptocurrency market has experienced a fresh wave of bullish momentum, causing user sentiment to shift towards greed. This surge in crypto trading activity has driven global trading volume up to $103.7 billion and boosted the total market capitalization to an impressive $2.43 Trillion. This trend indicates that altcoins are seeing new gains. However, unlike other cryptocurrencies, the Ripple token’s price remains stagnant on the charts for now, but this situation may improve in the near future.

Why Will XRP Price Boom Soon?

Over a prolonged period, the value of XRP has been on a steady decline, and it’s apparent that the ongoing Ripple vs SEC lawsuit is a significant obstacle in its path to recovery. Since reaching an all-time high (ATH) of $3.84 seven years ago, XRP has made repeated efforts to rebound, only to be thwarted by each turn in the court case. Just last month, there was a promising upward trend, with the price peaking at around $0.60. However, this surge was short-lived, as it plummeted by 15% to $0.51 soon after, coinciding with the SEC’s filing for an appeal at the start of October.

In my analysis as a cryptocurrency observer, I’ve noticed a significant opportunity for an XRP price surge. This is based on recent breakouts from a seven-year trendline, as indicated by various charts, including one shared by the analyst Random Crypto Pal in his latest commentary. He, like many other analysts, considers this a pivotal moment for the Ripple token, suggesting that it could mark a significant shift in its price trajectory.

This is #XRP monthly chart

I’ll use BitBoys words “ EXPLOSION IS COMING”

Perfect retest of both trend lines

— Random Crypto Pal (@RandomCryptoPal) October 27, 2024

He additionally recognizes the latest test in the token’s value, referring to it as a repeat of the breakout test. Notably, Random Crypto Pal labeled it an ideal retest of both trend lines prior to another anticipated test. Remarkably, this isn’t the first time XRP predictions have been made, as he also highlighted a consistent pattern that has yielded significant profits in the past.

According to the forecast, the graphs seem to suggest a repeat of the 2017 and 2020 trend, in which the price of XRP skyrocketed by approximately 71,381% and 1602%. However, it’s important to note that this was a contingent prediction, as the conditions for its fulfillment have not been met thus far. This has left investors wondering if this latest analysis will prove accurate or not.

Analysts Are Divided On Ripple Token Performance

Day after day, crypto experts attempt to forecast XRP prices, yet their predictions consistently prove wrong. This persistent failure stems primarily from the ongoing legal dispute, which casts doubt over the possibility of a significant price surge until the involved parties provide clearer information about the lawsuit’s resolution.

Primarily, it’s crucial to note that the blockchain company will need to take significant steps to repair its reputation because the token has been stagnant for years, with an average value of $0.5, currently at $0.5235. The token seems to require more than just a bullish surge, as the market is already buoyed by the bulls, with Bitcoin‘s price reaching $71K and aiming for its all-time high. Surprisingly, despite this market condition, the Ripple token is experiencing a downturn. Given that it remains one of the top ten cryptocurrencies, the community is divided about its future prospects.

One believes in complete recovery and peaks to new highs, whereas the other believes in the XRP price collapse to $0.15. More importantly, the community is tired of the consolidation, and the recent Ripple Chairman’s $11M funding to the Kamala Harris campaign is worsening things. As a result, it is hard to believe where the token will move next. For now, it has to see when the lawsuit will end and how it will impact the token.

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2024-10-30 15:14