- Ripple’s
- Analysts expect the price of XRP to rise 100% to around $1.20 by March, coinciding with Bitcoin’s halving.
Ripple’s Journey to 2023: Market Movements and Signs of Recovery
Earlier this year, Ripple’s native token XRP, showed remarkable performance, reaching a high of over $0.80 in mid-July. A significant milestone was achieved when a US federal judge ruled in favor of Ripple, stating that most XRP sales a few years ago did not constitute investment contracts, positively impacting the ongoing SEC litigation.
However, after this peak, the value of XRP fell below $0.50 by September, beginning a downward trend. Currently, XRP is showing signs of recovery, currently hovering around $0.62, according to recent data from CoinGecko.
Analysts Are Optimistic: Predicting a Potential Skyrocket for XRP
Despite the departure from optimistic expectations, several analysts and influencers have expressed optimism about XRP’s significant growth potential in the coming months. Notably, EGRAG CRYPTO, a prominent figure on social media, presented a bullish chart predicting that the value of XRP will surge nearly 100% within the next 55 days. This prediction, coinciding with Bitcoin’s expected halving, means that XRP could reach around $1.20 by March, stimulating a broader market rally.
EGRAG CRYPTO noted that “XRP typically crawls like a snail until it transforms into a rocket and is propelled towards an upward trajectory.” Likewise, Crypto_Barbie takes an optimistic view, predicting a potential mega pump similar to XRP’s explosive surge in late 2017.
Key Element Analysis: On-Chain Metrics and Growth Trends
XRP’s recent on-chain activity shows a potential upward trend. In particular, xrp scan reports a surge in XRP transactions, with more than 2 million XRP transactions on any given day in late December, similar to figures observed in early March of this year. Activation of new XRP accounts surged, surpassing 12,000 on Christmas Day, and continued growth was seen thereafter.
Further reflecting market activity, the number of XRP wallets has steadily increased throughout the year, approaching the milestone of 4.4 million, up from approximately 4 million in early 2023.
Also Read: Ripple (XRP) Emerges as Most Traded Altcoin of 2023