In crypto’s recent mini-bull run immediately after Donald Trump’s election victory, one popular token was left with a sluggish price movement: Ripple’s XRP. While Bitcoin raced to hit the $90k level and teased the $100k mark, and some meme coins like Dogecoin showed gains, XRP retained its sideway price movement.
The altcoin’s price was at the $0.50 level days after the election, and it was only on November 16th that it finally broke $1.
Today, XRP trades at over $1.60, and many analysts expect more significant moves from the project. According to Robert Doyle, popularly called Crypto Sensei, big things can still happen to XRP, and holders can become wealthy soon.
In a video, Doyle explains the crypto asset’s recent price run, as it surged past its seven-year resistance level, suggesting a growth momentum for the token.
If you hold $XRP You WILL be Very RICH Soon! pic.twitter.com/oUlkFqwC2J
— CryptoSensei (@Crypt0Senseii) November 27, 2024
Institutional Adoption Pushing XRP Price Up
Doyle shared a video in which he mentioned that XRP has momentum. On the technical side, the altcoin’s recent price movement indicated that it finally breached its seven-year resistance level, positioning the token for growth.
In addition to this technical momentum, Doyle mentioned that the coin works in a favorable environment. He noted that institutional adoption is growing, making it a favorable investment for many.
Growth In Cross-Border Payments Also Benefits Crypto
The crypto commentator added that Ripple benefits from the growing shift in global payments. He argued that Ripple has partnered with several Latin American banks, making XRP the preferred option for international payments.
Then, he explored a few theories that could grow XRP, including the possibility that the FedNow payment system may use the digital currency for payments. However, this claim about adopting the FedNow payment system remains unsubstantiated.
Furthermore, Doyle also explored the other trends affecting the crypto market industry. He says that XRP now benefits from increased institutional adoption and the move towards tokenized value. Finally, Doyle acknowledged the possibility of adopting gold-backed currencies, with the token as a bridge.
Can Holders Become Rich With The Altcoin?
With favorable market conditions, Doyle says that the coin is set for a massive rally. Holders of the crypto will soon reap the potential rewards. The crypto commentator believes the crypto sector will benefit from increasing institutional adoption and use cases.
Doyle further predicted that if Ripple’s governance coin can control 4 to 5% of the global financial market, the coin’s price can hit $30 or up to $50.
Currently, XRP is trading above $1.60 after a few days in the red. Other crypto commentators also shared Doyle’s predictions and insights. For example, a Wall Street analyst, Linda Jones, targets $50 as XRP’s price. She mentioned that it follows a four-year cycle and is due for a price run.
Other analysts hold a contrarian view, and some offer a conservative price estimate at less than $10.
Featured image from Pexels, chart from TradingView
