The crypto community has been discussing a new price rally as the native token, XRP of the Ripple eco-system, gains bullish momentum.
RippleXRPThe top 100 cryptos are all up 7.5% within the past day. XRP is currently trading at $0.643 at the time of writing — this level was last seen in early April.
XRP’s market capitalization has surpassed $36 billion with a trading volume of $2.9 Billion per day.
Tony Severino is a crypto analyst and trader who has been in the industry for many years. He pointed out that the Bollinger Bands on XRP indicated a possible price rally. “mega breakout,” Crypto.news for XRP reported yesterday. Last year, when XRP surged 60% on the price of XRP, these bands were at a similar level.
Since then, the crypto community has been talking about XRP. “mega breakout.”
A further 60,000% rise in the price of XRP is not realistic. XRP market cap reached $130 billion roughly in January 2018. This represents a 600x increase over one year. At the time, XRP was the second biggest cryptocurrency in the world after Ethereum.ETHMarket capitalization of $110 billion.
With a market value of $36 billion currently, XRP’s 600x market growth in the short-term seems improbable, especially when the broader crypto market is in a highly volatile state.
Santiment’s data shows that the supply of XRP in profit is now 87.32%. This was the last time this level occurred, which was in March, when the token traded at $0.635. It is possible that more investors will take profits before the asset price falls.
Market intelligence data shows whales are also moving in response to the price increase. Santiment reports that whale transactions of $100,000 or more in XRP have increased by 811 transactions from the previous 24 hours.
XRP’s Relative Strength Index, as per Santiment, is at 69. The indicator indicates that the asset at this point is overbought, indicating a short-term price correction.
A recent cryptocurrency swap platform Changelly forecast is reported by crypto.news predicted The XRP value could possibly surpass $500 in 2050. According to the analysis, 2025 is the year when the price of the asset will reach its maximum value.
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Source: crypto.news