Ripple Labs officials have been traversing different continents in the past few years to make deals that will guarantee future growth prospects for XRP and the XRPL. By understanding that the United States crypto regulatory frameworks may take a long time to implement, Ripple has pushed the adoption of its cross-border payment systems in different global markets.
Remarkably, Ripple’s XRP has continued to trade among the top ten most valuable digital assets despite the notable regulatory headwinds and competition from other blockchain projects. Already, XRP’s open interest (OI), which is a crucial measure of an asset’s liquidity, has regained $1 billion since last July, after the historical ruling by Judge Analisa Torres.
Short-Term Expectations on XRP Price Action
After consolidating in a macro triangular pattern since the 2017/2018 bull run, XRP price is well ripe for a fresh new all-time high (ATH) in the next 18 months. The large cap altcoin, with a fully diluted valuation of about $62.3 billion and a daily average trading volume of around $1.7 billion, has presented a great risk to reward ratio that long term holders will outrightly benefit from.
According to an XRP macro analysis by a popular crypto analyst alias Captain Faibik, the utility-based altcoin is on the cusp of a massive symmetrical triangular breakout on the weekly chart. The crypto analyst has, therefore, issued a midterm XRP price target of around $2.5.
Altseason Confirmed
The second wave of the altcoin season is set to materialize in the coming weeks, especially after Bitcoin price retraced below $67k over the weekend. Additionally, the Bitcoin dominance has flashed an inevitable reversal, which will trigger heightened cash rotation to the altcoin market.
As a result, it is safe to assume the altcoin market will reach $1.5 trillion in the coming weeks, thus giving XRP holders hope for higher yields.
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