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Saturday, June 15, 2024

Traders on This Exchange are Extremely Bullish on Ripple (XRP): Do They Know Something?

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TL;DR

  • Ripple’s XRP has seen a recent price increase, leading to a positive shift in investor sentiment, with over $355 million in futures and 91% of traders taking long positions on Bitrue.
  • Analysts provide varied forecasts, with predictions of a continued uptrend with potential to reach $1.05 if it maintains above the $0.66 level, while others speculate a surge to $14 in the near term.
  • Outlier predictions include a highly skeptical claim of XRP reaching $500 in the coming years, requiring an improbable market cap surge above $250 trillion.

The XRP Army Seems Quite Optimistic

Ripple’s native token – XRP – has been on an uptrend lately, with its valuation briefly surging above $0.73 (per CoinGecko’s data) a few days ago. The price rally appears to have affected investors’ general sentiment toward the coin.

The popular cryptocurrency exchange – Bitrue – announced on X (Twitter) that futures traders currently hold over $355 million worth of the asset. Moreover, 91% of those individuals have opened long XRP/USDT positions.

Several analysts, including Dark Defender, have forecasted that XRP’s great performance could continue in the following weeks. As CryptoPotato reported, the X user maintained the coin has a chance to soar to as high as $1.05, assuming it stays above the $0.66 resistance level.

Those curious to find out how high XRP could go in the last quarter of the ongoing year could take a look at our video below:

Can XRP Go ‘Parabolic?’

Other analysts have laid out much more bullish predictions. For example, the X user Cryptoinsightuk suggested that XRP could explode to as high as $14 in approximately a month:

“We currently have some space to push before we hit the overbought area (in this time price would have to rise), so we could presume overbought may occur around $0.90-$1.00. This could be our launchpad, and it would need to come soon… In the coming week or so. If we get this price action and history repeats, it would put XRP price between $10-14 dollars within 4/5 weeks.”

Shannon Thorp has been even more optimistic, claiming that XRP could skyrocket to the ridiculous $500 per coin in the next few years. It is worth mentioning that the asset’s market capitalization should surge above $250 trillion for this to happen, making the forecast highly implausible.

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