XRP has become the talk of the crypto space since Ripple’s partial victory in the protracted legal battle with the US Securities and Exchange Commission (SEC) last week.
As investors, index funds and crypto exchanges like Coinbase and Kraken raced to seek exposure to the world’s four largest digital assets, momentum grew catalyzing a rally to $0.94 – a price level not seen since December 2021.
The token that powers the global Ripple payments system saw its market cap surge to $43.5 billion as investors reeled in XRP, buoyed by improved sentiment and mind-boggling forecasts.
At one point, XRP trading volume triumphed over Bitcoin, even though it had shrunk slightly to $3.3 billion at the time of writing.
XRP Price Home Run To $1 Gains Momentum
After the ascent of a prolonged consolidation in the region between $0.45 and $0.5, XRP price cut gains to $0.7 – possibly due to profit-taking among traders stuck in the same position for weeks or even months.
A recovery followed soon after, with more buyers taking advantage of the slump to $0.7 to stack XRP tokens in anticipation of an expected jump above $1. A sustained breakout above this psychological resistance would set the stage for a momentum of euphoria, ushering retail and small investors into fear of missing out (FOMO).
XRP price is trading at $0.8391 on Thursday, up 5.2% in the last 24 hours. The confirmed higher support of $0.8 is an assurance that market sentiment is positive towards the cross-border remittance token, and the climb above $1 is on the horizon.
Four Hour XRP/USD Chart | Trade view
The sustained upward trend is supported from both a micro and macro perspective, with the Moving Average Convergence Divergence (MACD) indicator flashing a buy signal. Traders are looking for bullish crosses in this momentum oscillator, characterized by the MACD line in blue flipping above the signal line in red.
Inflow volume in XRP markets also significantly exceeds outflow volume, helping to keep the uptrend intact, according to the Money Flow Index (MFI).
Notably, two price levels can determine where XRP goes, starting at $0.9 resistance. If bulls cross this level, they will attract more investors to seek exposure to XRP, building enough momentum for a break to $1.
However, losing the immediate support at $0.8 would mean the token rolls back to sweep through new liquidity at $0.7. Lateral trading may take over with XRP locked between $0.7 and $0.8 before a significant breakout.
Can XRP explode to $15?
Noted crypto influencer and YouTuber Ben “BitBoy” says Armstrong says XRP could break out to $15 in the next 18 months and still be open to an extended rally to $35 if the issuing company Ripple carefully timed its IPO.
Such a move would mean that XRP is up 1,729% from the prevailing market value. “Make no mistake… it may not be going that high… but $XRP breaks an all-time high this cycle, barring some kind of pointless, vindictive SEC objection,” BitBoy argued.
$15 is reasonable I believe over 18 months or so.
If they go public and time it correctly it could be as high as $35 imo.
Make no mistake… it may not go that high… but $XRP Break this cycle a record high, except some kind of pointless, vengeful SEC appeal. (Low chance) https://t.co/rrMCuOacrE
— Ben Armstrong (@Bitboy_Crypto) July 19, 2023
The YouTuber’s belief of a parabolic rise to $15 shows how optimistic investors are about the long-term growth of XRP, which many believe will soon recapture its third spot in the market and topple stablecoin USDT.
A Ripple IPO could expose XRP to a new wave of investors and mainstream adoption, providing an invaluable catalyst for the expected upward trajectory.
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John is a renowned crypto analyst and journalist, providing expert insights into both broad and focused aspects of the digital asset market. As a steadfast reporter, he keeps his audience abreast of the latest crypto news, delving into topics such as price trends, on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the ever-evolving metaverse.
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This post Bitboy Foresees Parabolic Rise to $15
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