Ripple (XRP) Could Be Primed for a ‘Mega Pump’ (Analysts Chip in)
“Are we in for a massive pump and multiple X’s? My answer is a resounding: Yes,” one popular analyst said.
TL;DR
‘Euphoric Phase’ Incoming?
Ripple’s XRP has shown quite a wobbly performance as of late, with its value plunging by 7% on a two-week scale. It reached a local bottom of around $0.50 before recovering some of the losses and rising to the current $0.53 (per CoinGecko’s data).
Some analysts believe an explosive price growth might soon replace the negative trend. The X user EGRAG CRYPTO, for instance, claimed XRP could experience a repeat of the 2017 pump.
Back then, its valuation skyrocketed from a mere $0.25 in December 2017 to an all-time high of $3.40 just a month later (a 1,250% increase). A similar bull run nowadays would result in a new peak of approximately $7.20 for XRP.
“XRPArmy STAY STEADY. The upcoming euphoric phase will be known as the XRP MEGA PUMP. Get ready,” EGRAG CRYPTO added.
Earlier this week, The Great Mattsby argued that XRP’s monthly Bollinger Bonds keep squeezing and are now “way tighter than 2017.” The analyst assumed this development would eventually end in a massive rally for Ripple’s native token.
This technical indicator, developed by John Bollinger in the early 1980s, helps traders identify when an asset may be overbought or oversold, thus spotting potential reversal points.
Tightening the bands means XRP has experienced relatively low volatility for a prolonged time and might be headed for a huge rally (or correction). It is worth noting that historically, this development has resulted in a price movement to the upside.
Those willing to explore additional forecasts involving XRP, feel free to check our detailed article here .
Another Bullish Signal
The declining supply of XRP on cryptocurrency exchanges should also be mentioned when speculating about the asset’s possible future market dynamics. As CryptoPotato recently reported , the number of tokens held on trading venues dropped to a seven-month low.
Such a change generally indicates that investors might have shifted from centralized platforms toward self-custody methods, resulting in reduced immediate selling pressure.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Legendary Technical Analyst Speaks After Record Bitcoin Price: Explains What He’s Worried About
John Bollinger, who has recently shared analyses about the cryptocurrency market, evaluated the latest situation in Bitcoin.
How Will the Approval of Bitcoin ETF Options Affect BTC Price? Here are the Predictions
In a historic development, options products for Bitcoin Spot ETFs have been approved and have started trading. So what happens next?
When Will SEC Make a Decision on XRP ETF? Expert Lawyer Announces Possible Date for XRP Decision!
Jeremy Hogan said that Bitwise will not make a decision on the XRP ETF application until mid-2025 due to the ongoing Ripple lawsuit appeal.