- Analysts suggest XRP could see significant growth by the end of 2024, with predictions reaching $10 based on long-term patterns.
- Ripple’s payment solution expands into Brazil, partnering with Mercado Bitcoin for its first Latin American integration.
Recent CoinGlass data has revealed that XRP’s activity is rather high. While open interest (OI) only slightly rose +1.30%, finishing at $707.98 million, the trading volume exploded by +50.33%, reaching $878.67 million. Options volume increased by +12.50% to $689.96 million as well.
Reflecting the current price activity of the XRP market, these figures show increasing interest and involvement in the coin. XRP is trading around $0.538 at the time of writing, having gained 1.30% over the last 24 hours. XRP has stayed in a protracted consolidation period for the past 12 months, nevertheless, despite this transient rise.
Optimism Grows as Analysts Predict a $10 Breakout for XRP
The XRP community’s sentiment stays hopeful. JackTheRippler, a well-known analyst, recently noted the long-term bullish trend XRP has been following for the past seven years.
Based on previous trends and the tightening of the Bollinger Bands, XRP might perhaps break out to above $10 by the end of 2024, claims him. Given the past price swings and technical evidence supporting this point of view, he underlined that this estimate is “more than realistic.”
Not all points of view on XRP, meanwhile, are as hopeful. Black Swan Capitalist’s founder, Versan Aljarrah, expressed worries about the possible hazards connected to a hypothetical XRP ETF. Aljarrah warned that an ETF might divert attention away from XRP’s role as a bridging currency in cross-border payments and toward speculative trading, as CNF had previously reported.
He advised institutional investors not to control XRP’s price, therefore increasing market volatility and overshadowing its inherent worth. Such a change would make XRP less useful in its main application—low-cost, quick cross-border transfers.
Apart from market rumors, Ripple keeps growing in impact all around the world. With the debut of its payment system in Brazil, Ripple just reached a major turning point in its growth over Latin America.
Crucially involved in the area, as we previously noted, Mercado Bitcoin is the first customer of theirs in the nation. The high degree of security, flawless integration, and worldwide reach of Ripple’s payment mechanism are praised.
