Armando Pantoja, a crypto investor and influencer, recently stated on X that an imminent rebound is on the horizon for XRP, adding that the coin could soon hit $1.98.
The crypto influencer cited a spike in XRP network activity, underscoring the significant interplay between crypto assets price actions and transaction volumes.
Correlation Between XRP’s Price Actions And Transaction Volumes
Based on basic knowledge of crypto transactions, a substantial increase in transaction volume invariably implies that more market participants are involved in the active buying process, culminating in an exponential price increment for the tokens involved.
For a sustainable price increment, the transaction volume must continue to rise. Price surges following a declining transaction volume indicate a drop in momentum, setting the stage for a price reversal.
Using Armando’s Shared Chart To Elucidate Further
According to XRP’s market statistics on CoinGecko, the coin is changing hands at approximately $0.51, having witnessed a mild price surge in the last 24 hours. In the past seven days, XRP has fluctuated between a minimum price of $0.49 and a maximum price of $0.54.
In the same vein, the coin’s sales counts have reflected a similar trend, with transaction volumes ranging between a daily low of about 225,000 transaction counts and a daily high of about 350,000 transaction counts, according to the displayed chart.
Per the shared chart, XRP’s price actions in the past few weeks mirrored a topsy-turvy pattern, reflecting the coin’s fluctuating transaction counts.
XRP traded below $0.5 on April 30, after which it appreciated to ascend to a price level above $0.51 on May 2. The price appreciation progressed gradually, reaching the $0.54 zenith price on May 6.
On the other hand, the transaction volume on the shared chart revealed a high transaction count of about 316,000 on April 30, after which it entered a gradual decline phase, lasting for more than a week, before it spontaneously surged to assume a transaction volume around the 350,000 region on May 10.
Is $1.98 A Realistic Target?
Considering the analysis above based on the Santiment chart, it is safe to say that Pantoja might be making a reasonable prediction when he forecasted a $1.98 price target for XRP, citing a potential transaction count as a basis for the price surge.
Moreover, the price target is not up to XRP’s all-time high (ATH) of $3.4 recorded during the 2021 bull season. In addition, a recent analysis by renowned market watcher Dark Defender highlighted the possibility of XRP hitting $1.88, $5.85, and $18.22 in its highly anticipated third market cycle, corroborating Pantoja’s realistic $1.98 prediction.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.