Although Bitcoin has surpassed XRP in 2023, there is a possibility that XRP may follow Bitcoin in the December bull market.
Bitcoin has had a relatively good year, returning investors more than 144% since January. Kingcoin is also up nearly 14% over the past month and about 10% since December 1st. Bitcoin, currently trading above $42,000, is up nearly 2% in the last 24 hours and looks set to finish the year impressively, according to CoinMarketCap data. The rise in Bitcoin prices raises questions about whether altcoins like XRP will follow suit.
XRP’s price trajectory has been relatively healthy. This is especially true after Ripple partially won a court case against the U.S. Securities and Exchange Commission (SEC) Commission. Following Ripple’s win in July, XRP rose more than 70% in less than 24 hours to $0.7938. Bitcoin surpassed XRP, but the world’s fifth-largest cryptocurrency also posted healthy numbers. Since December 1st, XRP has grown by more than 5%. It’s also up more than 21% in the past three months and more than 78% since January. The current XRP price is $0.6.
Factors favoring an XRP bull market like Bitcoin
There are several factors that can be considered optimistic about the potential of XRP. At a much broader level, there are the ramifications of the upcoming Federal Open Market Committee (FOMC) deciding whether to raise interest rates. Most observers believe the Fed will keep rates unchanged, but until then nothing is certain. The FOMC’s decision to raise interest rates at its December 13th meeting could have a major impact on the ongoing cryptocurrency rally, possibly ending it.
Besides the Federal Reserve’s decision on interest rates, there are other factors relevant to Ripple and XRP. Ripple has successfully signed several partnerships with major customers looking to use the blockchain company’s technology for a variety of purposes. In early November, the price of XRP surged 10% in response to the new Ripple partnership. For example, the Dubai Financial Services Authority (DFSA) announced the addition of XRP to the list of approved assets for the Dubai International Financial Centre. The list already includes Litecoin (LTC), Ether (ETH), and Bitcoin (BTC).
Ripple also announced an official partnership with the National Bank of Georgia (NBG), becoming an official partner of the central bank digital currency (CBDC) pilot project. The bank hopes to leverage Ripple’s “technical excellence and expertise” to build the Digital Lari (GEL) project. In addition to everything Ripple has successfully achieved, this partnership is a potentially bullish situation for XRP.
As the Ripple and SEC cases unfold, continued sentiment may trigger XRP accumulation. For example, an unknown whale recently transferred 24.2 million XRP worth approximately $14 million from an unknown wallet to the Bitstamp exchange. Interestingly, the total gas fee for the transaction was only 0.000015 XRP.
What’s next for XRP?
In other bullish XRP news, a recent forecast from cryptocurrency analyst Egrag Crypto predicts that XRP could reach $27.
#XRP Train 🚂Next stops: $1.3-$3-$5.8-$27:
🔍 Macro view:
Aiming for $27 feels like a plausible target, echoing the 2017 surge. The $3 and $5.8 marks stand as important milestones, but pushing to $6 or $7 could cause some confusion. Such an ambitious goal… https://t.co/Aojv3sYmtG pic.twitter.com/c0RSHhlFnA— EGRAG Cryptocurrency (@egragcrypto) November 27, 2023
In the The optimistic post described $3 and $5.8 as “significant milestones” and noted that XRP would experience “some turbulence” around $6 and $7.
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