A leading crypto analyst forecasts that XRP could soon reach $1.10, paving the way for a major surge to $6, boosting market optimism amid favorable developments surrounding Ripple.
Highlights:
- The analyst anticipates XRP hitting $1.10, potentially followed by a rally to $6.
- Excitement around a potential XRP ETF approval has further fueled market positivity.
- XRP has drawn significant investor interest recently, with many expecting a substantial rally. According to a prominent crypto market analyst, XRP could initially reach $1.10 before a major breakout toward $6 or higher, a prediction that has sparked enthusiasm given the recent positive news likely to support Ripple’s native token.
XRP Predicted to Reach $1.10 Before Larger Breakout
XRP has seen volatile trading amid broader market uncertainties and the ongoing Ripple vs. SEC lawsuit. Currently in the appeal phase, the lawsuit initially caused investor concern, but with the SEC not challenging the ruling on XRP’s non-security status, optimism in the crypto community remains high.
In a recent podcast, Bitboy, a well-known figure in the crypto space, forecasted XRP hitting $10 due to regulatory clarity and favorable market conditions. Reflecting similar optimism, analyst EGRAG CRYPTO also predicted XRP reaching $1.10, labeling this level as a “launchpad” for further gains.
EGRAG CRYPTO stated that once XRP holds above the $1.10 support, it’s unlikely to drop below it again, potentially setting the stage for a rally to $6.4 or even $13, a projection that has lifted market sentiment.
Could Ripple Developments Support This Rally?
Recent positive trends have bolstered market sentiment regarding a potential XRP rally. Ripple’s reduced Escrow stake has generated optimism, and pro-XRP lawyer Bill Morgan has also noted this development favorably. Additionally, Ripple CEO Brad Garlinghouse has highlighted increased institutional interest, with recent XRP ETF filings by 21Shares, Bitwise, and Canary Capital. If approved, these ETFs could significantly boost XRP’s price, possibly pushing it to new highs.
Currently, XRP is trading at $0.5071, down 0.8%, with steady trading volume around $1.02 billion. CoinGlass data reveals that XRP Futures Open Interest has decreased by 1.3% to $686 million, reflecting muted investor interest.
The recent subdued trading activity may be linked to the U.S. election, with markets anticipating heightened volatility and possible rallies across Bitcoin and major altcoins, potentially reaching new all-time highs.
