XRP Price Surge to $10 Possible Amid $3 Trillion Market Outlook
$XRP, the seventh-largest cryptocurrency by market capitalization, has seen minimal volatility recently. Despite this, analysts predict a significant price surge in the latter half of 2024.
$Crypto analyst Egrag Crypto recently noted on social media that XRP's market capitalization could skyrocket to $3 trillion if it breaks out of its current trading channel. He highlighted that once the market cap reaches the midpoint of $100 billion, it could quickly escalate to $287 billion, triggering a rapid price increase.
Matthew Dixon, CEO of Evai, a crypto investment firm, anticipates a minor price pullback before a major rally in what he terms the C wave. He warns of the pre-terminal nature of triangle patterns in technical analysis. Analyst "JacktheRippler" predicts the end of XRP’s accumulation phase, with a potential price surge to $5-$10, representing an 1,800% increase from current levels.
However, there are concerns about Ripple's planned sale of 400 million XRP in June, the largest in seven years, which could impact prices. Ripple still holds 40.1 billion XRP in escrow, and continuous sell-offs could suppress price growth.
Additionally, Ripple's ongoing legal issues with the U.S. Securities and Exchange Commission (SEC) have been a hindrance. Although a court ruled in May that XRP is not a security, a potential settlement later this year might boost its value.
As of now, XRP trades at $0.5195, with a 1.26% gain in the past 24 hours. Trading volume has surged by 61.54%, indicating renewed interest in XRP despite the current price stagnation.
