XRP, one of the so-called dinosaur tokens of the crypto market due to its age, has surprised investors with a massive rally that erased over 1,300 days of negative price pressure in less than a month. The token has risen as part of a wider market altcoin season, allowing tokens like XML to achieve meteoric price rises of close to 500%.
These price increases have left analysts and traders worried about the upcoming outlook for XRP, which seems to be supported by two key elements. The first relates to a widespread positive market sentiment following President-Elect Donald Trump’s victory at the polls, given his pro-crypto stance. The second is related to the expected approval of RLUSD, Ripple’s announced stablecoin, which might increase activity on Ripple’s ledger, opening new opportunities for users.
Read more: Ripple’s Stablecoin Near Approval, Launch Countdown Underway
Some believe the currency might reach $4 and beyond if the bull case solidifies and the market continues to grow. However, the currency may also face a loss of interest due to its substantial market cap, the ongoing rise of the asset, and the availability of a large reserve for Ripple, which has been accused of dumping tokens and manipulating the market in the past.
Read more: Ripple CEO’s Public Statements About XRP Token Under Fire in Class-Action Lawsuit
Linda P. Jones stated that reducing reserve requirements to maintain an active wallet might indicate that XRP is preparing for even larger price numbers. Linda explained that this reduction has always been dropped before price increases to maintain its fiat value around $4 to $16. This reduction to 1 XRP could mean it might be moving into that price segment.
Nonetheless, there is also a meme element to the story. According to social media user Pledditor, Tiktok is bursting with content creators talking about XRP’s possibilities and hyping its reach. This is consistent with the currency accumulation observed by blockchain sleuths who have pointed out there is still interest in XRP in the middle of the rally.
