Published in · 6 min read · Dec 12, 2023
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Against the backdrop of a significant increase in the price of Bitcoin, all assets are also exhibiting bullish sentiments. XRP is no exception, a cryptocurrency that is steadily gaining momentum amid a broader market recovery and may be on the verge of a breakthrough, according to many analysts and traders.
Ben Armstrong recently dubbed XRP the “best coin in the world,” listing factors that strengthen its position. In addition to Ben, crypto analyst JD is also confident that the asset has the potential to change the game, as a technical formation called the Golden Cross has been observed on the chart, which could lead to a parabolic rise in XRP.
Ben continues to make predictions for various assets, and a month ago, in one discussion, he stated that XRP would be trading above $25 and has already started its rally. The video discussion can also be found on Ben’s Twitter, where he is confident in what he is saying.
Ben Armstrong is convinced that the Ripple company’s team consists of professionals. He particularly highlighted Ripple’s CEO, Brad Garlinghouse, co-founder Chris Larsen, blockchain development leader Monica Long, Ripple Labs’ Chief Legal Officer Stuart Alderoty, and Chief Technology Officer David Schwartz.
- First and foremost, Armstrong highly praised Ripple’s marketing, noting that the company’s advertising is more geared towards large firms than regular users. Despite Ripple having a massive marketing budget, the blogger pointed out the best publicity it received came from the U.S. Securities and Exchange Commission (SEC). He emphasized that the SEC lawsuit cost Ripple approximately $200 million — much more than the company would have paid any advertising agency.
- Armstrong believes that the only reason XRP did not reach a new all-time high during the recent bull rally was regulatory pressure. Armstrong highlighted XRP’s past performance: during the upward trend 2017, it was the second cryptocurrency by market capitalization.
- Armstrong also noted the utility of XRP, speculating that this cryptocurrency will soon be used in the global banking system. The blogger also gave high marks to the coin for its technological development, decentralization, and chart. However, the cryptocurrency enthusiast did not give XRP the highest rating for tokenomics, explaining that Ripple holds half of XRP’s supply — the company releases coins from escrow every month. In total, XRP scored 96 out of 100, according to Armstrong’s assessment.
- Earlier, the crypto blogger suggested that the launch of exchange-traded funds (ETFs) tied to this crypto asset could be a powerful catalyst for XRP’s growth. This would allow investors to access Ripple’s cryptocurrency and increase its demand.
JD’s analysis reveals the emergence of the Golden Cross, which he mentioned in his tweet, indicating that on the 4-day chart of XRP, there is a bullish signal with an impressive track record of impact.
- Studying the previous charts of the asset, JD highlights two notable instances that were followed by a significant price surge.
- JD also believes that back in 2017, after breaking the long-term trend line, the Golden Cross catalyzed a staggering 700% price increase in XRP. Similarly, in 2020, during the early stages of a bullish market, the same pattern triggered an astonishing 1000% rally, surpassing the previous surge.
- While JD’s analysis undoubtedly paints an optimistic picture, caution should be exercised. It is essential to consider the possibility of a retracement before the expected rally. In both previous instances of the Golden Cross, XRP experienced a significant price correction of 64% (2017) and 40% (2020) before exponential growth occurred.
As of today, the price of Ripple (XRP) is $0.614345. The 24-hour trading volume is $1,534,663,458.28, and the price has increased by 1.03% over the last 7 days. There are currently 53.96 billion XRP in circulation, with Ripple’s market capitalization at $33,473,016,400.
Ripple is built on the concept of a distributed ledger network that requires the participation of various parties in confirming transactions, rather than relying on a singular centralized authority. This facilitates transactions worldwide, with transfer fees significantly lower than those of Bitcoin. Unlike other cryptocurrencies, XRP transfers are virtually instantaneous, requiring no standard confirmation time.
Ripple was created with its entire supply of 100 billion XRP tokens right after its inception. This supply is maintained without mining, and the majority of tokens are owned by the company itself, Ripple Labs — currently estimated at around 60 billion. XRP is traded on centralized cryptocurrency exchanges. The most popular exchanges for purchasing and trading Ripple include FMFW.io, WhiteBIT, and Binance.
- Based on CoinMarketCap’s prediction, the bullish trend for XRP is expected to continue into 2024 as more financial services related to XRP are introduced, and global adoption increases. Our analysts predict that the XRP cryptocurrency may reach a maximum price of $2.352 and a minimum price of $2.130, resulting in an average price of $1.997 in 2024.
- According to watcher.guru analysis, Ripple is one of the few digital assets that has successfully weathered the challenges of this year. Despite the ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), the token’s value is on the rise. Following the victory in the legal case, the asset has demonstrated significant growth, despite a recent price correction. Crypto analysis from Watcher Guru suggests that 2023 could be crucial for the asset as it approaches its conclusion. Specifically, one analyst has predicted that Ripple (XRP) could experience a 120% growth in the first half of 2024. Ultimately, the bullish long-term forecast may manifest in substantial growth over the next six months.
- After the U.S. court ruled to revoke XRP’s security status, the asset regained prominence in the community. A recent report from CoinShares is confident that, along with Solana (SOL), Ripple (XRP) witnessed a massive cumulative inflow of $4 million. Moreover, the number of completed transactions recently surpassed the 1.5 million mark, signaling ongoing growth and utilization despite a 5% decline in value.
Despite a recent period of consolidation for XRP, there are signs of a resumption of the bullish momentum. Recently, the price broke the $0.64 mark, indicating a potential revival of the upward trend.
This positive development aligns with the broader recovery of Bitcoin and the overall cryptocurrency market. As altcoins’ movements influence the entire market, we can observe how other assets are following trends across the market.
Building on the forecasts of Ben and JD, the chart for XRP shows a noticeable emergence of the Golden Cross, a compelling argument for a bullish future for cryptocurrency.
Judging by historical patterns, one can infer a significant price increase. On the other hand, Ben is also confident in the asset’s growth, highlighting the project team’s efforts and citing several other factors indicating its growth potential.
However, investors are advised to exercise caution and anticipate potential temporary declines before the projected parabolic rise. While the Golden Cross signals a bullish future for XRP, it is crucial to remain vigilant and navigate the market prudently.
The outlook for Ripple appears promising, backed by the confidence of prominent figures like Ben Armstrong and JD. As we move forward, XRP’s performance will likely be shaped by various elements, including regulatory developments, global adoption, and the cryptocurrency market’s overall trends.
The potential growth highlighted by these analysts suggests that XRP may play a significant role in the evolving landscape of digital assets, making it a cryptocurrency to watch in the coming years.
