Emily Walker
Following Donald Trump’s election win, the cryptocurrency market experienced a brief surge, yet Ripple’s XRP did not join the rally. While Bitcoin soared, flirting with the $100,000 threshold, and meme currencies like Dogecoin gained traction, XRP’s price remained stagnant.
Days post-election, XRP was hovering around $0.50, only breaking the $1 mark on November 16. Currently, XRP is trading above $1.60, and analysts are optimistic about its potential growth. Robert Doyle, known as Crypto Sensei, suggests that XRP holders might see significant profits soon.
In his analysis, Doyle points out the recent upward momentum of XRP, highlighting its breakthrough past a long-standing resistance level, indicating strong potential for future gains.
If you hold $XRP You WILL be Very RICH Soon! pic.twitter.com/oUlkFqwC2J
— CryptoSensei (@Crypt0Senseii) November 27, 2024
XRP’s Price Growth Driven by Institutional Interest
Doyle elaborated that XRP’s positive trend is rooted in its recent ability to overcome a significant resistance level, suggesting its potential for further appreciation.
He further noted that increased institutional adoption is contributing to XRP’s potential appeal for investors, creating a more conducive market environment.
Expanding Opportunities in Global Payments for XRP
Doyle also emphasized Ripple’s strategic partnerships with various banks in Latin America, establishing XRP as a preferred medium for international transactions amid the rise of global payments.
Additionally, he speculated about the future role of XRP in the FedNow payment system, although this theory lacks concrete evidence presently.
Beyond these factors, Doyle suggested that the growing trend of tokenized assets and institutional adoption could further enhance XRP’s market position, hinting at the potential for gold-backed currencies where XRP could act as a connector.
Can XRP Holders Expect Wealth?
Under favorable market conditions, Doyle forecasts a substantial upward shift in XRP’s price, promising potential rewards for its holders. He believes that the rise in institutional adoption and innovative applications will greatly benefit the cryptocurrency sector.
Doyle’s prediction indicates that if Ripple’s governance token captures 4% to 5% of the global financial market, prices could potentially soar to $30 or even $50.
Currently, XRP is valued over $1.60 after a recent dip. Other analysts, like Wall Street’s Linda Jones, echo Doyle’s optimistic projections, targeting $50 based on a historical four-year price cycle.
Conversely, some analysts express a more cautious stance, predicting XRP’s value might remain below $10.
Featured image from Pexels, chart from TradingView