Ripple (XRP) is the seventh largest cryptocurrency by market capitalization with its bulls anticipating a run on the heels of recent trends. The asset trades at $0.5312 holding a total market cap of $29.1 billion posting gains in the last 24 hours. 

XRP has a 4% weekly gain and inflows trickle into crypto assets following positive market sentiment. This resurgence after widespread liquidations has seen soaring prices almost hitting Q1 2024 highs and more institutional investment. For XRP, bulls projected a run to $1 and have ignited momentum on recent flows despite price resistance to the mark. 

Ripple Bulls Ignite For $1

Major reasons for the projection to $1 include the progress with the company’s case and the Securities and Exchange Commission, on-chain developments, and the recent inflow of traditional investors. The court is expected to rule on the issue of penalties imposed in May.

Similarly, on-chain data shows over 4.31 million XRP tokens are now in liquidity pools for automated market makers (AMMs). This increase in staked assets on the Ripple Ledger (XRPL) points to confidence among institutional and retail investors. 

Factors include the firm securing over 30 fund transmission licenses in the United States alongside recent partnerships with Japan’s SBI Group and other institutional firms. 

The upswing in market sentiment has boosted the community’s hopes for the $1 mark amid recent downturns. Although Ripple’s gains have been fair other assets have spiked to double-digit gains signaling strength in the run.

Possible Resistance for XRP

While bulls aim towards $1, certain factors can impede the price surge. This includes the volatile nature of crypto assets and short-term fluctuations in Bitcoin (BTC) price as well as altcoins. 

Also, a closer look at Ripple’s performance shows a 13% growth this year while assets like Bitcoin, Solana, and Dogecoin have a better yearly run. Solana spiked over 100% in the same period signaling creeping growth for XRP.

Also Read: Top Memecoins Outpacing The Market 

The post Ripple (XRP) Bulls Eye $1 Price: Prospects and Resistance appeared first on CoinGape.

---

Filed under: News - @ January 1, 1970 12:00 am