XRP has become the talk of the crypto space since Ripple’s partial win in the long-standing legal battle with the United States Securities and Exchange Commission (SEC) last week.
As investors, index funds, and crypto exchanges like Coinbase and Kraken rushed to seek exposure to the world’s four-largest digital asset, momentum built catalyzing a rally to $0.94 – a price level not seen since December 2021.
The token powering the global Ripple payment system saw its market cap jump significantly to $43.5 billion as investors snatched XRP bolstered by improved sentiment and mind-boggling predictions.
At some point, the XRP trading volume triumphed over Bitcoin, although it had shrunk slightly to $3.3 billion at the time of writing.
XRP Price Homerun to $1 Gains Momentum
Following the climb from a lengthy consolidation in the region between $0.45 and $0.5, XRP price trimmed the gains to $0.7 – possibly due to profit-taking among traders who were stuck in the same position for weeks or even months.
A recovery ensued soon after, with more buyers taking advantage of the slump to $0.7 to stack up XRP tokens ahead of an anticipated jump above $1. A sustained breakout above this psychological resistance would pave the way to a momentum of euphoria, ushering in retail and small investors due to the fear of missing out (FOMO).
XRP price trades at $0.8391 on Thursday, up 5.2% in the last 24 hours. The confirmed higher support at $0.8 is an assurance that market sentiment is positive toward the cross-border money remittance token, and the climb to above $1 is in the offing.
The ongoing uptrend has backing from both micro and macro perspectives with the Moving Average Convergence Divergence (MACD) indicator flashing a buy signal. Traders look out for bullish crosses in this momentum oscillator, characterized by the MACD line in blue flipping above the signal line in red.
Inflow volume into XRP markets also significantly surpasses outflow volume, which is helping to keep the uptrend intact, according to the Money Flow Index (MFI).
Notably, two price levels may determine where XRP heads next, starting with resistance at $0.9. If bulls push past this level, they will attract more investors to seek exposure to XRP, thus building enough momentum for a breakout to $1.
However, losing the immediate support at $0.8 would mean that the token rolls back to sweep through new liquidity at $0.7. Sideways trading may take over with XRP locked between $0.7 and $0.8 before a significant breakout occurs.
Can XRP Explode to $15?
Renowned crypto influencer and YouTuber Ben “BitBoy,” Armstrong says that XRP could break out to $15 in the next 18 months and still be open to an extended rally to $35 if the issuing company Ripple carefully times its IPO.
Such a move would mean XRP surges 1,729% from the prevailing market value. “Make no mistake… it may not go that high… but $XRP IS breaking an all-time high this cycle save some sort of pointless, vindictive SEC appeal,” BitBoy argued.
$15 is reasonable I believe over 18 months or so.
If they IPO and time it correctly, could be up to $35 imo.
Make no mistake… it may not go that high… but $XRP IS breaking an all time high this cycle save some sort of pointless, vindictive SEC appeal. (Low chance) https://t.co/rrMCuOacrE
— Ben Armstrong (@Bitboy_Crypto) July 19, 2023
The YouTuber’s conviction of a parabolic rise to $15 shows how optimistic investors are in the long-term growth of XRP, which many believe will soon reclaim its third spot in the market, toppling stablecoin USDT.
A Ripple IPO could expose XRP to a new wave of investors and mainstream adoption, thus providing an invaluable catalyst to the anticipated upward trajectory.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
