Over the previous 24 hours, XRP’s trading volume has increased by over 90%, and other indications, such as the asset’s futures long/short ratio, have also risen. XRP is now the fifth biggest cryptocurrency by market capitalization.
These are seen as positive signs, suggesting that buyers may soon enter the market and drive up the price of the currency.
Most crypto asset values have recently surged to new weekly highs, indicating a possible market recovery. For example, Ripple’s native coin, XRP, just hit a 10-day high of almost $0.50.
Trading volume (the total number of units moved between buyers and sellers over a certain time) has also increased significantly, up more than 90% in the previous 24 hours, as reported by CoinGlass. To be more precise, almost 1.7 billion XRP tokens (equivalent to about $876 million) were traded by investors at that period.
Charts on Binance, the coin’s biggest market right now, are also interesting to study. According to CoinGlass, the Long/Short Ratio for XRP/USDT on Binance, the world’s biggest cryptocurrency exchange, has risen to 2.83.
An increase in the indicator is indicative of a positive feeling among traders as it shows that long holdings outnumber short ones.
Experts and analysts have lately painted an optimistic picture of XRP’s future, projecting that its price might reach a new all-time high in under five years. Some analysts, including Shannon Thorp, predict that XRP will soar to above $500 by 2027.
This prediction is laughable at best, given that XRP’s market cap would need to increase by $260 trillion for it to come true. During the most recent bull run in 2021, the whole cryptocurrency sector had a market valuation of over $3 trillion.
A more conservative estimate was provided by an X user who identified themselves as EGRAG CRYPTO; they projected that Ripple’s token may reach “$2.8 and $5.5, maybe even stretching up to $6-7.”
Finally, ChatGPT said that as the regulatory climate improves, the market attitude improves, adoption rates increase, technical improvements occur, and the crypto market is healthy, XRP will reach its all-time high of $3.40 (per CoinGecko). However, the chatbot did not specify when exactly this would occur.