A popular cryptocurrency influencer has recently predicted that the price of the native token of the XRP Ledger, $XRP, is going to undergo an upward explosion that will “exceed all expectations.”
In a post on the microblogging platform X (formerly known as Twitter), influencer John Squire noted that he believes the price of XRP has been undergoing an extended period of accumulation that has now last six years, which to him means an incoming price explosion that will astonish market observers.
Traditionally, an asset undergoing accumulation reflects a phase of lateral or minor fluctuations in price following a marked uptrend or downtrend. For XRP, the history dates back to its meteoric rise in 2018, registering a noteworthy all-time high above $3 at the time.
The price of the cryptocurrency has seen been dropping and it is now trading at $0.479 per token, making it the sixth largest digital asset by market capitalization, above Cardano ($ADA) and below the $USDC stablecoin.
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/xrp-price-explosion-will-exceed-all-expectations-crypto-influencer-predicts/
