XRP at $120? Analysts Predict Surge—What’s Fueling the Hype?

• Analysts have indicated that XRP could defy expectations.
• XRP has exhibited signs of an uptrend following seven years of consolidation.
• Meme coins on the XRP Ledger have generated excitement within the community.

XRP , once lauded as Bitcoin’s prime contender, has spent the past several years in the shadows of regulatory scrutiny and lackluster price performance. For an asset once the second-largest by market cap, it’s been a long stretch of consolidation, exacerbated by an ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) .

As some analysts eye this underdog’s next move, there’s growing chatter that the token may be primed to outperform even the biggest players in the coming market cycle. Adding to the intrigue, a wave of meme coins emerging on the XRP Ledger (XRPL) has begun stirring interest in XRP’s broader ecosystem. Could this momentum propel XRP beyond its current barriers?

XRP Poised for a Big Comeback?

Despite the weight of SEC’s accusations against Ripple , XRP has maintained its foothold in crypto, continuing to rank among the top 10 cryptocurrencies by market cap. In July 2023, Ripple scored a partial victory when a judge ruled that programmatic sales of the token did not classify as securities, triggering a brief spike that reignited hope among investors. 

Since then, however, XRP has struggled to maintain upward momentum, trading in a tight range and testing the critical 200-day Exponential Moving Average (EMA). Analyst ‘Anymox,’ among others, remains bullish, predicting XRP could outperform not only ETH but also BTC in the next market phase. 

Anymox shared a chart showcasing XRP’s seven-year-long consolidation pattern, suggesting it could propel the token to heights around $120. This forecast would signify a nearly 20,589% increase from current levels if achieved. 

Meanwhile, ‘Protechtor’ highlighted a completed five-wave pattern, indicating short-term corrections might follow the recent token rally but stressing the potential for further long-term gains.

This wave of analyst optimism extends beyond just technical patterns. Another respected analyst, ‘Doctor Magic,’ has also projected XRP’s outperformance against BTC and SOL. The sentiment reveals a broader trend among crypto enthusiasts, who believe altcoins, especially XRP, are on the cusp of outperforming Bitcoin as market dynamics shift.

Meme Coin Trend Shifts Focus to XRP Ledger

Surprisingly, the XRP Ledger is seeing an unexpected surge in popularity for meme coins. This phenomenon could add an element of speculative interest and community-driven value to XRP’s ecosystem. 

Ripple CTO David Schwartz recently entertained the meme coin community, sharing his enthusiasm after receiving 15 DROP tokens from the DROP team, which thanked him for developing XRPL. 

With DROP coins trading at approximately $4.29 per token and enjoying a robust 3,580-member “DROP Army” following meme coin activity, it adds a lively layer to XRPL’s otherwise utility-focused ecosystem. This trend reflects an evolution for XRPL as it adapts to cater to more casual crypto enthusiasts while still pushing forward with technical innovations. 

For instance, the XRPL Decentralized Identifiers (DID) amendment went live this year, which could streamline decentralized identities for Web3—a crucial feature as digital asset markets increasingly merge with real-world applications.

DROP, however, faces volatility. After peaking at a $10 million market cap, it saw a 50% correction, echoing the meme coin craze’s unpredictable nature. Yet, its impact on XRPL’s appeal should not be underestimated; such tokens can attract user engagement, driving liquidity and trading volume even in subdued market conditions.

On the Flipside

• XRP’s consolidation around key moving averages indicates limited investor enthusiasm and declining volume.
• Meme coins on XRPL, while popular, may dilute XRPL’s perceived reliability as a financial asset platform.
• Analysts’ predictions hinge on XRP breaking long-standing resistance levels, which may not materialize if selling pressure continues.

Why This Matters

The resurgence of analyst interest in XRP, bolstered by the evolving role of the XRP Ledger, holds significant implications for the altcoin landscape. As Ripple makes inroads into decentralized identity and stablecoin projects like RLUSD, its community engagement through meme coins like DROP could increase user activity and spark renewed interest in the token. 

To learn more about the potential of a Ripple (XRP) ETF, read here:
XRP ETF Moves Closer as SEC Reviews Grayscale’s Proposal

Curious about the rise of memecoins on the XRP Ledger? This article explores the launch of a new platform to create and launch them:
Memecoin Mania Hits XRP Ledger—70 Tokens Debut in One Week