XRP, the seventh-largest cryptocurrency by market capitalization, has been experiencing a period of sideways trading, with its volatility subdued in recent months.
This comes as the crypto market witnesses a surge in interest, particularly with the rise of meme coin Dogecoin, which has surpassed industry stalwarts like Cardano. Despite the current lull, pundits forecast a significant upturn for XRP in the second half of 2024.
In a recent post on X, analyst Egrag Crypto highlighted the potential for a remarkable surge in XRP’s market capitalization before the end of the year.
“Once XRP Market Capitalization (MC) blasts out of ‘The White Channel,’ we’re looking at a moonshot to a $3T market cap. The mid-point of the channel is $100B, and the high-end reaches $287B. This is where XRP MC will propel like a rocket!” Wrote the pundit, urging the XRP community to stay ready.
On the other hand, Matthew Dixon, CEO of AI-based crypto investment firm Evai, stated he anticipates a minor pullback before a substantial rally in the C wave, cautioning about the pre-terminal nature of triangle patterns in technical analysis.
“XRP rally correlates with solid positivity across most Crypto. But if the triangle interpretation is correct, remember, Triangles are pre-terminal waves followed by an aggressive terminal thrust (C wave).” He stated.
After analyzing a triangle pattern, analyst “JacktheRippler” predicted an end to XRP’s accumulation phase, suggesting a price pump to $5-$10 per XRP. Such a surge would represent approximately a 1,800% increase from current prices.
However, despite these optimistic forecasts, concerns persist regarding Ripple’s token sales. Ripple plans to sell 400 million XRP in June, marking the largest token sale in seven years. With Ripple holding significant XRP reserves, including 40.1 billion in escrow, ongoing sell-offs could negatively impact price movements.
Moreover, the lingering legal battle with the U.S. Securities and Exchange Commission (SEC) has been a persistent drag on XRP’s price for the past four years. While the court ruled last May that XRP is not a security, a potential settlement later this year could boost the cryptocurrency’s value.
At the time of writing, XRP was trading at $0.5195, reflecting a modest 1.26% gain over the past 24 hours. However, trading volume surged by 61.54% during the same period, indicating a renewed interest in the cryptocurrency despite the current price stagnation.
