XRP Price Skyrockets: Is a $1 Target Within Reach by Year-End?

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XRP price has surged by up to 7% in the past 24 hours, outpacing the broader crypto market. The XRP/BTC pair recently hit 0.0000099 BTC, its highest level since March, marking a nearly 60% increase in less than two months. 

What’s going on, let’s analyze!

Analyst Insights on XRP’s Trajectory

Prominent cryptocurrency trader K A L E O (@CryptoKaleo) has noted that the XRP/BTC ratio is setting up for a squeeze, suggesting a major price move could be imminent. The most recent daily candle on the XRP chart shows it peaking above resistance levels dating back to last year’s Ripple victory pump. This movement has traders excited about the potential for XRP to continue its upward movement, especially considering its recent strong performance.

Technically- XRP is on the Rise!

In the past 24 hours, XRP has surged by up to 7%, outpacing the broader crypto market. The XRP/BTC pair recently hit 0.0000099 BTC, its highest level since March, marking a nearly 60% increase in less than two months. This dramatic rise follows a period where XRP’s Bollinger Bands became the tightest they’ve ever been, often a precursor to significant price volatility.

However, for the XRP price to reclaim the $1 mark this year, it requires a jump of 55.88% concerning its present trading price of $0.6415. This would result in its recording a market cap of $56.627 Billion.

Speculation on an XRP ETF

Adding to the speculations, there has been playful speculation in the crypto community about the possibility of an XRP ETF. While Ripple CEO brad garlinghouse has mentioned that an XRP ETF is inevitable, it is not expected to happen soon. This sentiment was echoed by BlackRock, which recently confirmed that it is not planning to launch new ETF products soon.

Many analysts also believe XRP lacks the market readiness, volume, and funds to enter the ETF mania. However, the successful outcome of the Ripple vs. SEC lawsuit does not promise an easy path for the XRP ETF to be approved.

Market Implications and Investor Sentiment

The current momentum of XRP has sparked considerable interest and optimism among investors. The potential for XRP to overshadow Bitcoin with a significant price squeeze is being closely watched. If XRP can maintain its upward trajectory, its standing in the cryptocurrency market could be significantly altered. With the XRP/BTC ratio primed for a squeeze and speculative talk of an XRP ETF adding fuel to the fire, investors eagerly anticipate what could be a transformative period for XRP.

Following the trend, if the bulls maintain a healthy consolidation for the rest of the year, the Ripple (XRP) price may reach the $1 milestone before the end of Q3 2024 or early Q4. What do you think? 

Also Read: Ripple News: Why is XRP Price Up Today?

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