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Analysts predict a major XRP price explosion is imminent despite its recent surge to $0.616, with some forecasting a 1,300% rally.
XRP has significantly benefited from the latest bull run in the market, which saw Bitcoin break above $81,000. Specifically, in the heat of the bull momentum, XRP broke to a six-week high above $0.616, staging an 11% rally from its low of $0.5562.
However, XRP has struggled to maintain these gains, as it has not only lost the $0.60 level but also dropped back to near $0.56, settling at $0.5730.
Nonetheless, the weekend price action triggered excitement in the XRP community. Meanwhile, analysts have stated that the real action for XRP has yet to begin, forecasting even more dramatic price moves.
XRP Explosion Coming Sooner than Later
In a recent post, top analyst with the username “360Trader” stressed that XRP is poised for an explosive price move, suggesting that the event may happen sooner than many expect.
360Trader notes that while constant XRP hype over the last three years may have tired investors, a critical price squeeze has formed that can not be ignored. This “1,000-day pinch” has lulled many into ignoring it, but the analyst warns that an explosive price move is imminent—likely happening sooner rather than later.
“BUT… YOU CAN’T DENY THE PRICE PINCH OCCURRING HERE.”
In a follow-up post, 360Trader drew a connection between XRP and Cardano (ADA), noting that ADA’s recent momentum is prompting XRP to begin its own bull run.
Over the weekend, Cardano surprised the market by breaking a seven-month high, trading above $0.65 for the first time since April.
ADA Waking Up XRP
ADA surged by 33.14%, rising from $0.4899 to $0.6523 on Sunday, while XRP’s rally was more modest at 11%, though it was enough to push the price back into the $0.60 range.
Notably, Cardano’s Sunday surge built on momentum that started on Wednesday when ADA was trading much lower at $0.326. Since then, Cardano has doubled in price, with cumulative gains of 101%.
While XRP’s momentum lagged behind Cardano’s over the weekend, analysts believe XRP’s turn is just around the corner.
What an XRP Price Explosion Would Look Like
When asked what an XRP price explosion might look like, 360Trader explained that it would involve XRP rallying to $4 and then sustaining that momentum before doubling to $8.
However, he noted that this would not happen in a single move. This would represent a massive 1,303% gain from XRP’s current price.
$XRP does $4-$8 – not all at once though
— 360Trader (@360_trader) November 9, 2024
Meanwhile, other analysts, like Egrag, have pointed out that if XRP successfully breaks above the psychological $1.10 threshold, it could set the stage for an even more explosive run, potentially reaching as high as $13. This would represent a colossal 2,180% gain from XRP’s current price of $0.57.