Cryptocurrency enthusiasts are buzzing with optimism as they anticipate a potential bull market on the horizon, with XRP, the native token of Ripple, poised for significant gains. Drawing parallels to the 2015 market cycle, crypto analyst oaksacorn envisions a striking resemblance that could signal the start of a substantial rally. In this scenario, Bitcoin’s price is predicted to surge to an astounding $215,000, while XRP could initially reach $43, heralding what oaksacorn calls the beginning of XRP’s ascent.
But the excitement doesn’t stop there. If the market trajectory continues to mirror the 2015-2017 cycle, Bitcoin could skyrocket to a staggering $1.247 million. As Bitcoin often sets the tone for the broader crypto market, this could propel XRP to reach as high as $249 per token. Oaksacorn emphasized that investors should refrain from applying traditional market cap concepts to cryptocurrencies, as these assets operate differently, urging them not to underestimate their potential.
Adding to the positive sentiment surrounding XRP is the impending Ripple celebration party scheduled for September 29 in New York. Ripple CEO, buoyed by the recent victory over the US Securities and Exchange Commission (SEC), views this event as a symbolic triumph.
The party could serve as a morale booster, potentially boosting confidence in XRP and stimulating increased buying activity. Ripple’s ability to stand up to regulatory scrutiny and emerge victorious sets a precedent for the crypto industry.
Recent bullish momentum has already been observed in XRP’s price, with the bulls successfully breaching the $0.5 resistance level. Notably, daily trading volume has surged by over 6.6% in the last 24 hours, indicating growing interest.
XRP (XRP) is priced at $0.499114, accompanied by a 24-hour trading volume totaling $692.4M.Over the past 24 hours, XRP has experienced a modest 0.47% price dip. However, the past week has seen a more significant decline of 3.01%. XRP’s circulating supply comprises 53 billion tokens, contributing to a total market capitalization of approximately $26.56 billion.
In an announcement on LinkedIn dated September 26, Lauren Belive disclosed her new role as the Head of US Public Policy and Government at Ripple. She expressed unwavering optimism about Ripple’s future and its pivotal role in revolutionizing cross-border payments. Belive’s primary responsibility involves active engagement with the US government to effectively communicate Ripple’s perspective within the evolving regulatory landscape.
Amidst the ongoing conflicts with the SEC, Ripple finds itself in a challenging legal battle. The upcoming interlocutory appeal, slated for the second quarter of 2024, holds the key to determining the future trajectory of both Ripple and its native token, XRP. The outcome of this appeal is poised to exert a pivotal influence on the path these entities will take in the coming months.
