XRP Price Could Reach $8 Soon After Crossing $1 Mark: Analysts
Cryptocurrency trading is speculative and your capital is at risk when you trade. We may earn affiliate commissions from some of the products on this page - at no extra cost to you.
Highlights:
- Cryptoinsightuk predicts XRP could reach $8, driven by its 1.66% market dominance.
- Another analyst anticipates that XRP could hit $4.96, citing a possible $283 billion market cap.
- Gary Gensler’s resignation and Trump-Garlinghouse meeting rumors are pushing XRP’s price higher.
Crypto analyst Cryptoinsightuk shared insights on XRP’s potential price rise after surpassing $1. This surge marked a three-year high for XRP, which had previously remained stagnant while the broader crypto market saw significant gains. This potential arises from XRP regaining a 1.66% dominance in the crypto market. The analyst stated that this dominance level has historically sparked upward trends, with an average 740% increase in similar cases.
Advertisement
The Cryptoinsightuk predicts XRP’s market cap could reach $444 billion if this trend continues, pushing the price to around $8 with the current circulating supply. XRP’s dominance is forming higher lows, accompanied by rising trading volumes, indicating renewed investor interest. Additionally, the relative strength index (RSI) has shifted into bullish territory.
On average, $XRP.D has a continuation of around 740% when it reclaims the 1.66% level.
IF this plays out, at current prices, this would put $XRP's market cap $444 Billion.
Around $8 per $XRP. pic.twitter.com/9BF3JANPw9
— Cryptoinsightuk (@Cryptoinsightuk) November 16, 2024
Egrag Crypto further bolstered this bullish outlook by predicting that XRP’s price could surge to $4.96 after breaking above $1. He analyzed XRP’s market cap, suggesting it could hit $1.83 trillion. He highlighted that the market cap has closed above Fib 0.07 ($51.35 billion) and reached Fib 0.786 ($60.06 billion). The analyst noted that XRP has been breaking a multi-year trendline since 2017, signaling bullish momentum. A monthly close above Fib 0.786 would confirm a $283.42 billion market cap, pushing XRP to $4.96.
#XRP Confirmed Kaboom – Market Cap $1.83T:
I encourage you to check the post from November 2023 for more details:https://t.co/cOKDuk9Klu
Kaboom and What’s Next:#XRP's market cap is closing above Fib 0.702 ($51.35B) and has reached Fib 0.786 ($60.06B). 📈 It is also breaking… https://t.co/F0eJfWJf1r pic.twitter.com/UY6tsnO8iV
— EGRAG CRYPTO (@egragcrypto) November 16, 2024
Crypto analyst Mikybull Crypto suggested that XRP might repeat its 2017 bull run. He believes his technical analysis points to a similar “hated rally” like in 2017. His chart indicates that XRP could surge above $5 during this rally. In 2017, XRP surged over 61,000%, reaching its ATH the next year.
$XRP monthly Bollinger Bands finally expanding 📈
2017 vibes fr.. 🔥 https://t.co/bJCEgOxmLd pic.twitter.com/JpEE8WS39v
— Charting Guy (@ChartingGuy) November 16, 2024
At press time, XRP was trading at $1.08, having surged by an impressive 11.44% in the past 24 hours. On the weekly chart, the token has gained a remarkable 86%. The surge has pushed XRP back into the top six cryptocurrencies by market capitalization, surpassing Dogecoin.
Main Factors Pushing XRP Price Higher
XRP’s price is rising due to the potential resignation of SEC Chair Gary Gensler, which could end Ripple’s legal issues. Speculation about a meeting between Trump and Garlinghouse also suggests a favorable ecosystem for Ripple’s XRP.
SEC Chair’s Potential Resignation
On Thursday, SEC Chairman Gary Gensler delivered a speech at the 56th Annual Institute on Securities Regulation, hosted by the Practicing Law Institute. Gensler’s closing remarks resembled a resignation speech.
His departure would be significant for Ripple, potentially marking the end of a successful resolution of the SEC’s case against the company for allegedly selling an unregistered security. Before the election, many believed a court settlement favorable to Ripple was likely. If Gensler departs, the SEC may drop the case. It will also be a positive sign for applicants of XRP ETFs.
Speculation of Meeting Between Trump and Ripple CEO
Another factor behind the surge of XRP is growing speculation about a possible meeting between President-elect Donald Trump and Ripple CEO Brad Garlinghouse. Rumors of a meeting between Garlinghouse and Trump began after Ripple’s CEO liked a post by Zach Rector mentioning it. While Garlinghouse didn’t confirm the meeting, his interaction with the post was seen as an endorsement of the claim.
Confirmed ✅ #XRP pic.twitter.com/krpLrgrR2c
— Zach Rector (@ZachRector7) November 12, 2024
Garlinghouse’s recent FOX Business interview added fuel to the speculation. When asked about the rumored meeting with Trump, he jokingly avoided specifics, leading the anchor to interpret it as confirmation. The rumors come as Trump positions himself for a return, with crypto investors hopeful his administration could be more favorable to crypto regulations.
He stated:
“The crypto industry has embraced Trump; Trump has embraced the crypto industry. I think it’s very genuine, and I think he sees the opportunity, he sees innovation, he sees entrepreneurship — I am very excited about what the future holds.”
Garlinghouse expressed no surprise at the positive response from crypto markets following Trump’s victory on November 5. He pointed to Gary Gensler’s hostility toward the industry as a key factor behind the suppression of U.S.-based crypto projects.
Advertisement
