According to data from CoinMarketCap, XRP rose by 15.57% in the past day to cap off what has been an impressive price performance over the last week. Amidst Bitcoin’s journey to the $90,000 price zone, the seventh-largest cryptocurrency emerged as one of the biggest weekly gainers with a 60.76% price increase.
Following this price surge, a crypto analyst with X username BarriC has provided some interesting predictions on XRP’s future.
XRP To Reach $10 In Bull Market, But There’s More
In an X post on November 15, BarriC released several price targets for XRP tied to certain conditions. Firstly, the analyst forecasted XRP to attain a market price between $6-$10 in the crypto bull run, representing a minimum potential 500% gain on the token’s present price.
These high expectations by BarriC are rather not uncommon due to several factors especially Donald *****’s recent electoral victory which is expected to usher in a crypto-friendly US government.
For XRP, the Republican President sticking to his electoral crypto manifesto holds massive importance as it may bring a decisive end to the legal battle between Ripple and the SEC, and permanently halt the regulatory uncertainty over the token.
In addition, *****’s presidency also boosts the possibility of the XRP spot ETF with the SEC expected to present fewer regulatory hurdles for crypto-linked securities. Following approval, BarriC postulates a spot ETF can drive the altcoin to a market price of $15-$20 if approval comes amidst the bull market run.
Furthermore, the analyst discusses a utility run during which the altcoin will undergo massive adoption in its use for cross-border transactions and as an institutional bridge cryptocurrency for banks. If the utility run occurs as predicted with global adoption levels of XRP, BarriC forecasts the altcoin to attain a minimal price of $100.
Market Whales Boost Holdings By 320 Million XRP
In other news, whales in the XRP market have acquired over 320 million XRP, valued at $285 million, in the last 72 hours amidst the token’s recent price surge. The coin rose from around $0.69 to reach a local peak of $0.92 as rumors of Gary Gensler’s resignation as SEC chairman circulated on media spaces.
While the altcoin has recorded a slight price decline of 1.2% in the past hour, the massive purchase by whales indicates a belief in the asset for long-term profitability. At the time of writing. XRP trades at 0.89, with his market cap value now above $50 billion. In tandem, the token’s trading volume is up by 24.71% and valued at $11.75 billion.
Featured image from StormGain, chart from Tradingview