Ripple’s (XRP) performance has become nothing short of impressive. On a Year-To-Date (YTD) basis, XRP has increased by 96.07%. However, the last 24 hours have not been exactly rosy for the token as it lost 4.59% while trading at $0.66.
During the week, XRP briefly closed in on flipping Binance Coin’s (BNB) market cap to become. Although XRP remained in the 5th position, there was speculation that the token has the potential to become a part of the top 3.
XRP to $27? Who Says Yes?
For XRP to become the 3rd largest, its price has to increase exponentially. Egrag Crypto, an analyst considered XRP’s potential in a full-blown full cycle. According to Egrag, XRP may hit $1.2 at the beginning of the bull market.
To arrive at this conclusion, the analyst considered the monthly timeframe, saying that a sharp bullish candle can trigger the move. Egrag also mentioned that if this happens, FOMO could set in while pushing the price action to $2.
#XRP: A Future of Support 📈🚀
Cast your eyes upon the chart below, dissecting the monthly timeframe. It’s intriguing that #XRP hasn’t managed to close a monthly candle above $1.2 yet. We’ve seen body candles, but a full-body candle hasn’t materialized.
However, mark my words:… pic.twitter.com/Ndzi7TTtB2
— EGRAG CRYPTO (@egragcrypto) December 10, 2023
In concluding his analysis, the analyst noted that the cryptocurrency might reach $27. If XRP hits the said price, it would imply a 40x increase from the $0.66 value. Also, the potential increase may send Ripple’s market cap higher, and possibly jump past Tether (USDT).
However, it could be challenging for XRP to flip USDT. This is because the minting of billions of stablecoin increases leading to the bull market, and demand for USDT may increase.
Bullish for the Long Term
On the daily chart, there was strong demand for XRP around $0.60. So, there is a high chance that the cryptocurrency will continue to trade above that level going into 2024. Concerning the long-term potential, Coin Edition checked out the Exponential Moving Average (EMA).
At press time, the 50-day EMA (blue) had crossed over the 200-day EMA (yellow). This position is considered a golden cross and is typically a bullish sign for the mid to long-term. Should the accumulation of XRP continue into the coming months, then the token can cross the $1 mark.
XRP/USD Daily Chart (Source: TradingView)
Another factor that can affect the XRP price is the outcome of its long-standing case with the U.S. SEC. Earlier in the year, the judge in charge of the lawsuit declared that XRP was not a security. This gave Ripple a partial win while the price pumped to $0.96.
So, if Ripple becomes the eventual winner, and the judgment takes place during the bull run, XRP’s rise above $2 may be on the cards.