XRP Primed For $100 Price Target Heres Why
According to data from CoinMarketCap, XRP rose by 15.57% in the past day to cap off what has been an impressive price performance over the last week. Amidst Bitcoins journey to the $90,000 price zone, the seventh-largest cryptocurrency emerged as one of the biggest weekly gainers with a 60.76% price increase.
Following this price surge, a crypto analyst with X username BarriC has provided some interesting predictions on XRPs future.
XRP To Reach $10 In Bull Market, But Theres More
In an X post on November 15, BarriC released several price targets for XRP tied to certain conditions. Firstly, the analyst forecasted XRP to attain a market price between $6-$10 in the crypto bull run, representing a minimum potential 500% gain on the tokens present price.
These high expectations by BarriC are rather not uncommon due to several factors especially Donald Trumps recent electoral victory which is expected to usher in a crypto-friendly US government.
For XRP, the Republican President sticking to his electoral crypto manifesto holds massive importance as it may bring a decisive end to the legal battle between Ripple and the SEC, and permanently halt the regulatory uncertainty over the token.
In addition, Trumps presidency also boosts the possibility of the XRP spot ETF with the SEC expected to present fewer regulatory hurdles for crypto-linked securities. Following approval, BarriC postulates a spot ETF can drive the altcoin to a market price of $15-$20 if approval comes amidst the bull market run.
Furthermore, the analyst discusses a utility run during which the altcoin will undergo massive adoption in its use for cross-border transactions and as an institutional bridge cryptocurrency for banks. If the utility run occurs as predicted with global adoption levels of XRP, BarriC forecasts the altcoin to attain a minimal price of $100.
Market Whales Boost Holdings By 320 Million XRP
In other news, whales in the XRP market have acquired over 320 million XRP, valued at $285 million, in the last 72 hours amidst the tokens recent price surge. The coin rose from around $0.69 to reach a local peak of $0.92 as rumors of Gary Genslers resignation as SEC chairman circulated on media spaces.
While the altcoin has recorded a slight price decline of 1.2% in the past hour, the massive purchase by whales indicates a belief in the asset for long-term profitability. At the time of writing. XRP trades at 0.89, with his market cap value now above $50 billion. In tandem, the tokens trading volume is up by 24.71% and valued at $11.75 billion.
Featured image from StormGain, chart from Tradingview
Read more: https://www.newsbtc.com/analysis/xrp/xrp-primed-for-100-price-target-heres-why/
Text source: NewsBTC
