Armando Pantoja, an expert in the field, is optimistic about the future of XRP and has predicted a rebound in its price, potentially reaching as high as $1.98. This forecast was shared with his 11.3K followers on X social media platform. Pantoja’s prediction is based on the recent surge in transaction volumes, which according to Santiment data, has shown a strong correlation with price movements.
Over the past week, XRP has experienced significant volatility, with its price fluctuating between $0.46 and $0.52. The number of transactions on the network has also seen substantial activity, ranging from 240,000 to over 350,000 daily. Notably, there was a sharp increase in transactions on May 1, coinciding with a peak in the price at around $0.52. This suggests that transaction volume could play a crucial role in influencing the price of XRP.
The increasing number of daily transactions also indicates a growing adoption and usage of the blockchain network, suggesting increased engagement by users and entities.
Starting from April 29, XRP’s price was around $0.501. It then experienced a slight recovery and continued to surge, reaching $0.52 by May 10.
On the other hand, the number of transactions initially dipped below 240,000 on April 30 but surged to approximately 280,000 on May 1. After reaching this peak, the transaction volume showed a general decline, although it peaked at 352,000 by May 10. This pattern of sharp rises and falls indicates a market that is responsive to both internal network dynamics and external market pressures.
Currently, XRP is experiencing a bullish trend, with its price at $0.5052. Technical indicators such as the Relative Strength Index and Simple Moving Average suggest sideways movement but also indicate the potential for future price movements.
In a broader market context, other analysts, like U-copy, have expressed similar sentiments about the potential of XRP, pointing to a seven-year accumulation and a symmetrical triangle formation that may lead to significant price movements in 2024.
Furthermore, the recent 12% price decline following the SEC’s legal contention against Ripple, which amounted to $2 billion, has been a significant factor in XRP’s price movements. Despite this setback, the underlying bullish indicators from early May suggest that XRP’s market fundamentals remain resilient.
Ripple’s influence in the payment solutions sector is further demonstrated by its partnership with Tranglo, which utilizes XRP in all its real-time transactions. This utilization showcases the functional value of XRP beyond speculative trading and has the potential to stabilize its price in the long run.
Disclaimer: This article provides information and should not be considered financial advice. The opinions expressed in this article are the author’s own and do not reflect the views of The Crypto Basic. It is recommended that readers conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.