Ripple price prediction: is the best yet to come for XRP?
After a dramatic 230 per cent surge in the space of a few short weeks, what is the Ripple price prediction looking like in the coming months?
Given how XRP has consistently ranked as one of the worst-performing major altcoins, it’s fair to say that Ripple price predictions weren’t anticipating greatness in 2020.
Just take a look at the first 10 months of this year. Whereas Bitcoin had surged by 90 per cent from January 1 to October 31, and Ether leapt up 196 per cent, XRP’s gains were a comparatively disappointing 25 per cent over this period.
But then November began – and Ripple price forecasts were hastily ripped up as the altcoin delivered one of the best performances in its history. On the first day of the month, XRP was trading at $0.23, nothing especially out of the ordinary. Less than four weeks later, the value of this digital asset had more than trebled – hitting highs of $0.76.
Whereas other cryptocurrencies have gradually piled on their gains throughout 2020, XRP ballooned by 230 per cent in the space of a month – netting triple-digit gains over one week.
Naturally, there’s now a lot of interest in what the Ripple price prediction for 2021 has in store. Was this a blip, and will the gains be short lived? Or is this the start of a brand-new bull run after two years in the wilderness, with a clear path back to all-time highs of $3.84?
Here, we’re going to explore some of the most realistic XRP price predictions being made right now… as well as some of the more outlandish Ripple forecasts, too.
XRP price prediction: Further room to run?
One factor that is weighing heavily on price predictions for Ripple is how XRP managed to vault through several stubborn levels of resistance at once. This means that traders cannot be certain they’ll have support as a safety net in the event of a correction.
It’s also interesting to note how there have been some major discrepancies in the quoted prices of XRP across crypto exchanges. At one point on November 24, XRP had surged to $0.92 on Coinbase before experiencing a dramatic 30 per cent correction. (Some users also claimed that they had been affected by an outage on this trading platform, which appears to be a common occurrence whenever major cryptocurrencies see big price moves.)
What’s weird is that other exchanges weren’t quoting prices anywhere near as high as this. At the same time, XRP was going for $0.78 over on Binance. Spooky indeed.
But let’s go back to the Ripple price prediction in the here and now. In recent weeks, some crypto pundits had been anticipating that a big move was in the offing for XRP – but it wasn’t clear exactly how this would end up looking.
After XRP failed to meaningfully crack $0.30 in mid-November, Credible Crypto wrote on Twitter:
“Despite what your favorite ‘influencer’ keeps telling you about $XRP being ‘dead’, the correction we saw on $XRP was perfectly healthy. RSI tells a story, pay attention to it. Selling $XRP now is like selling $BTC when it was at $197- before it ran to 20k.”
Vindicated after the recent surge and making an XRP prediction that we’ll continue to see further momentum as 2021 gets underway, they added:
“In one day, $XRP has moved up 60%+ against $BTC. We may pause for a bit as we are up against key resistance and with BTC approaching a potential local top (once we take out ATH) it's time to be a bit cautious on $XRP as well and keep our eyes peeled for a dip buying opp.”
And to those making a negative XRP price prediction and betting against the altcoin, they wrote:
“$XRP is a beast. You don’t short beasts. You just buy more of the beast when it dips. Ben tried shorting the beast once and now he is broke. Joe bought the beast on a dip, now he is woke. Don’t be like Ben. Be like Joe. Buy the beast.”
Other enthusiasts on Twitter have suggested that $1 is the next stop for XRP – and some have even suggested that the altcoin could overtake Ether in the coveted No. 2 slot of cryptocurrencies in terms of market cap. (However, given that ETH has also been surging of late, it would have its work cut out to hit this milestone.)
Why is XRP going up?
One of the most helpful tools when making a Ripple coin price prediction is fundamental analysis, a look at the headlines that may be driving the most recent rally.
You could argue that the reason why XRP has performed so poorly of late is linked to how Ripple, the company that created this digital asset, has developed a reputation for selling off large chunks of its XRP supply to raise capital. Many disgruntled investors complained that this had the effect of watering down prices. At the start of November, there was a noticeable change in Ripple’s strategy as it announced that it was actually buying up XRP supply in order to support a healthy market. There’s also a lot of excitement surrounding what the digital payments company has up its sleeve, amid speculation that an array of new products will unlock exciting new use cases for XRP.
Earlier this year, XRP had suffered a setback when it lost the No. 3 slot in terms of the biggest cryptocurrencies by market cap – and it was overtaken by the Tether stablecoin. The recent, dramatic gains means that it has now regained this position quite comfortably, and it’s ahead of USDT in terms of overall valuation to the tune of $12.5bn.
It’s also worth noting that data from Santiment suggests that the amount of unique addresses transacting in XRP stood at 24,408 on November 22 – the highest seen since May.
But what’s the Ripple long-term price prediction looking like? Well, a lot of this could hinge upon how well Bitcoin performs in the weeks and months to come. If the world’s biggest cryptocurrency secures an all-time high and enters into a price discovery phase afterwards, this could benefit altcoins like XRP.
As Credible Crypto explained:
“Consider that in prior bull runs most alts have broken their prior ATH within 2 months after $BTC breaks it's prior ATH. Bitcoin will break its ATH soon. So ask yourself, would you take profits on $XRP now knowing that it will probably be over $3.50 in a few months? HODL.”
FURTHER READING: The best altcoins to invest in for 2021