A popular cryptocurrency analyst has recently suggested that the price of the native token of the XRP Ledger, $XRP, could soon see its value surge by 2,500%, with their charts showing a potential rise toward the $20 mark.
In a post shared on the microblogging platform X (formerly known as Twitter), analyst Egrag Crypto shared a chart showing that the cryptocurrency is forming a distinctive triangle pattern that is similar to one that was previously seen on XRP’s price chart. Per the chart, when the pattern was spotted between 2014 and 2018, it led to an impressive rally after breaking out.
Drawing from historical trends and recent market dynamics, the prediction reflects a growing sentiment that XRP could soon see its price explode upward, with Egrag’s prediction focusing on the $20 mark in the future.
Other analysts are also seemingly bullish on XRP, with another pseudonymous analyst, CoinsKid, predicting the price of XRP could surge to $6.29 in the future using a similar technical pattern on the cryptocurrency’s chart.
Notably institutional investors have been betting on XRP, with investment products focusing on the token seeing $700,000 of inflows last week, while overall cryptocurrency investment products saw $59 million of outflows during the same period.
Rising interest in the cryptocurrency started after a ruling from Judge Analisa Torres in the case the U.S. Securities and Exchange Commission (SEC) brought against XRP, differentiating between sales to institutional investors and on exchanges, noting the token itself isn’t necessarily a security.
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The ruling saw a number of cryptocurrency exchanges including Coinbase, Kraken, and Gemini relist the token, significantly boosting its liquidity.
The XRP Ledger could soon see its transaction throughput surge from around 1,500 transactions per second to an impressive 3,400 transactions per second (TPS), bolstered by upgrades that are soon set to be deployed.
As CryptoGlobe reported, XRP token holders could soon start being able to earn income on-chain after the highly-anticipated XLS-30d amendment is launched, which is set to would introduce a built-in automated market maker (AMM) trading platform into the ledger.
An AMM is a platform that allows for cryptocurrency trading in a permissionless way using liquidity pools, rather than traditional order books. Liquidity pools are shared pools of two or more tokens supplied by users that are used for trades. The prices of tokens within the pool are determined through the use of blockchain oracles.
Investors who add tokens to liquidity pools receive a share of the fees collected from each trade, but the revenue comes with the risk of impermanent loss.
Featured image via Pixabay.
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- Source: https://www.cryptoglobe.com/latest/2023/09/crypto-analyst-predicts-2500-xrp-price-surge-to-20-amid-growing-institutional-demand/
