- Ripple’s XRP witnessed highs earlier in the year but faced a decline, currently indicating signs of recovery around $0.62.
- Analysts predict a potential surge for XRP, with projections like a 100% increase to approximately $1.20 by March, coinciding with Bitcoin’s halving.
Ripple’s Journey In 2023: Market Movements and Recovery Signs
Earlier this year, Ripple’s native token, XRP, showcased remarkable performance, reaching highs above $0.80 in mid-July. A significant milestone was achieved as a US Federal Judge ruled in favour of Ripple, stating that most XRP sales years ago didn’t constitute investment contracts, positively impacting the ongoing SEC lawsuit.
However, following this peak, XRP’s value declined below $0.50 by September, initiating a downward trend. Presently, XRP has displayed glimpses of recovery, currently hovering around $0.62, as per CoinGecko’s recent data.
Analysts Optimistic Projections: Foreseeing XRP’s Potential Surge
Despite a deviation from bullish expectations, several analysts and influential figures express optimism about XRP’s potential for substantial growth in the upcoming months. Notably, EGRAG CRYPTO, a prominent personality on social media, presented an optimistic chart predicting a near 100% surge in XRP’s value within the next 55 days. This forecast implies XRP reaching approximately $1.20 by March, coinciding with Bitcoin’s anticipated halving, which could stimulate a broader market rally.
EGRAG CRYPTO noted, “XRP usually crawls like a snail until it transforms into a rocket, propelling towards its upward trajectory.” Similarly, Crypto_Barbie holds a bullish view, foreseeing a potential mega pump akin to XRP’s explosive surge in late 2017.
Analyzing Key Factors: On-Chain Metrics and Growth Trends
Recent on-chain activities for XRP portray a potential uptrend. Notably, xrp scan reports a surge in XRP transactions, surpassing two million on specific days in late December, akin to figures observed earlier in March this year. The activation of new XRP accounts soared, surpassing 12,000 on Christmas day, with continuous growth witnessed after that.
Further reflecting market activity, the number of XRP wallets has steadily increased throughout the year, approaching the milestone of 4.4 million from approximately four million at the start of 2023.
Also Read: Ripple (XRP) Emerges As 2023’s Most Traded Altcoin
Discussion about this post